While the cryptocurrency market has risen in recent weeks, led by Bitcoin and Ethereum, BTC exceeded $ 52,000 and ETH exceeded $ 2,800.
Investors expect further rises in ETH, which exceeded $ 2,800 for the first time since May 2022. At this point, behind the bullish expectation are the increasing expectations that the SEC will approve spot Ethereum ETF applications in May. Increasing approval expectations positively supports the price.
Currently, Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy and Hashdex have applied for the Ethereum ETF.
In the face of rising ETF approval expectations, investors are turning to Ethereum futures contracts to bet on the possibility of ETF approval.
At this point, the value of futures ETH contracts exceeded $ 9 billion, while according to Coinalyze data, 57% of the futures positions in the last 24 hours consisted of bull bets.
Evaluating the ETH rise expectations to Coindesk, FxPro's senior market analyst Alex Kuptsikevich said the following on the subject:
“Investors think Ethereum could return to its 2022 high in the coming months and approach $5,000 in November 2024.
As part of a new wave of growth in line with investors' expectations, ETH may be on the verge of a return to its April 2022 peak, approaching $3,500.
“A 15% rally in less than nine days indicates impressive buying interest after bulls renewed their positions in January.”
Ethereum continues to trade at $2,855 at the time of writing.
*This is not investment advice.