On March 5, 2024, the price of Ethereum strongly exceeded the $3,700 mark, with an intraday increase of more than 8%. This wave of gains continues Ethereum’s recent strong momentum and has also brought new vitality to the cryptocurrency market.
Multiple factors drive Ethereum’s rise:
1. Technical: Ethereum has recently broken through several important resistance levels, and technical indicators show that it still has room for further growth.
2. Good news: Ethereum ETF is coming soon, and the market expectations are good.
Standard Chartered Bank recently released a report stating that it expects the price of Ethereum to reach $4,000 before May 23.
Analysts at the bank believe that this forecast is mainly based on the following two factors:
1. Expectations for Ethereum ETF approval:
The U.S. Securities and Exchange Commission (SEC) will make a final decision on the Ethereum ETF applications submitted by VanEck and Ark 21Shares by May 23. If the Ethereum ETF is approved, it will bring more investor attention to it and further promote price increases.
2. Ethereum’s own value:
Ethereum is one of the leading blockchain platforms with strong technical strength and active community ecology. The Ethereum 2.0 upgrade is coming soon and will bring a series of benefits, such as improving security, improving efficiency, reducing energy consumption, etc.
Standard Chartered is not the only institution bullish on Ethereum:
Many analytical institutions have predicted that the price of Ethereum will continue to rise in the future, and some institutions even predict that it will exceed $10,000. Investor sentiment in the cryptocurrency market is generally optimistic about Ethereum, and its price has recently exceeded the $3,700 mark.
There is still some suspense about whether the Ethereum ETF will be approved:
The SEC has rejected Bitcoin ETF applications many times before and has a more cautious attitude towards cryptocurrencies. Whether the Ethereum ETF can be approved will depend on the SEC’s final attitude towards regulatory policies on the cryptocurrency market.