In the last two weeks of May 2024, the U.S. Securities and Exchange Commission (SEC) approved the first spot of Ethereum (ETH) exchange-traded funds (ETFs). As a result, the price of the titan crypto has surged, as many crypto experts and analysts believe this marks the beginning of a new bull run for the digital asset market.
The anticipation grew further as the U.S. House of Representatives passed its first-ever crypto bill in May 2023. This is expected to drive a shift within the crypto market. Moreover, the United Kingdom gave the green light to crypto exchange-traded products around the same time.
As ETH continues to be more regulated in the US for trading, custody, and transfer, the digital asset has experienced a dramatic shift in sentiment. Investors are increasingly viewing ETH as a more stable and mature investment option. True enough, ETH has recently seen a 2-month peak as bulls attempt to push past the strong resistance area around the $4,000 mark.
ETH is one of the most widely accepted crypto in the online casino crypto market. So, apart from investors and traders, casino players can also benefit from the anticipated continued rise in Ethereum’s price. According to a DeFi strategist, if the inflows to ETH exceed the outflows from Grayscale, 2024 could be incredibly positive for Ethereum.
Ethereum’s Performance Over The Last Week
ETH has been performing strongly over the last week. On May 20, 2024, ETH’s price was at $3,048. It then saw a big surge, climbing 27% by May 27, 2024, to reach $3,964, nearing the $4,000 mark. This represents a 10-week high price for Ether.
Opinions From Crypto Analysts
According to a post on X by the crypto analyst Jelle, ETH has finally completed its accumulation period. Plus, with the approval of spot ETH ETFs, the price of ETH is poised to enter the stratosphere. Jelle mentioned that Ethereum is finally seeing a return to a bull market after a long period.
Rachel Lin, the CEO of SynFutures, commented that the approval of Ethereum ETFs is the driving force behind the recent ETH price surge. Lin expects that with the launch of these ETFs, ETH’s price could reach between $15,000 and $20,000 during this bull cycle. This would mean a 503% increase from the current price level of $3,890 to $4,000.
Lin also noted that while a bull run is visible now, the market still isn’t as strong as it could be. With all indicators pointing to the ongoing ETH price surge, Lin expects a massive bull run in the coming months. Standard Chartered remains positive, with their prediction that ETH can hit up to $8,000 by the end of the year.
Is Ether’s 2.5-Year Bear Market Finally Over?
Ethereum’s weekly relative strength index (RSI) shows a clear bullish divergence, which indicates the start of capital rotation from Bitcoin to altcoins after a long crypto winter. According to Michaël van de Poppe, an analyst and founder of MN Capital, there is a high chance that Ethereum’s 2.5-year bear market has ended.
With Ethereum finally entering a bullish market, traders, investors, and crypto users are preparing to maximize the benefits of this major shift. This is also an opportune time to use Ethereum for casino crypto gameplay, offering an enhanced experience.