Ethereum Price Surges as Analysts Predict ETH ETFs Approval in 2024 – Time to Buy?

Ethereum price skyrockets by 10% in the last 24 hours, reaching $2,656 after SEC approves first-ever batch of Bitcoin ETFs based on spot prices.

In 2024, there might be ETH ETFs coming. Should you buy Ethereum now?

Last updated: January 10, 2024 20:45 EST | 3 min read 🚀 📈

The Ethereum price has skyrocketed by 10% in the past 24 hours, reaching $2,656 right after the SEC’s approval of its first-ever batch of spot-based Bitcoin ETFs. But here’s what sets ETH apart from other cryptocurrencies today: its 24-hour gain has surpassed the 6% overall market increase of the past day.

In just a week, ETH has shot up by 19%, and over the course of a year, it’s surged by a whopping 98%. The exciting news is that experts are now suggesting that Ethereum might be the next altcoin to have spot-based ETFs approved for the US market. With Ethereum’s solid fundamentals, 2024 could potentially be a monumental year for the coin.

Ethereum’s Price Movement Analysis: A Clear Path to Success 📈

ETH is currently in the midst of a breakout, with its price soaring well beyond its 30-day average. It is on the verge of breaking its current resistance level (indicated in red). The relative strength index (RSI) has just crossed 70, signaling robust momentum and leaving room for further gains before entering overbought territory (because, hey, you can never have too much of a good thing!).

• Bitcoin traders are unaffected by the US CPI miss, while the price of ETH reaches a 20-month high.
• The Rise of Bitcoin ETFs: BlackRock iShares and Grayscale’s Bitcoin Trust Begin Trading in the US
• BTC miners and traders brace themselves for the arrival of Bitcoin ETF trading, whether priced in or not.

Source: TradingView

Moreover, the 30-day moving average is now rising more steeply beyond the 200-day average, serving as another clear indication that ETH is experiencing significant buying pressure. And if that’s not convincing enough, just take a look at the trading volume, which currently sits at a staggering $53 billion. This suggests that ETH has entered a bullish phase.

Interestingly, after accumulating Bitcoin (BTC) over the past few weeks, whales have now turned their attention to Ethereum. Data shows aggressive accumulation happening at the moment. Check it out!

With these exciting developments, analysts predict that it won’t be long before Ethereum reaps the benefits of having its own spot-based ETFs approved in the US. For example, analyst Will Clemente pointed out on X that May 23 is the final deadline for the proposed VanEck Ethereum-based ETF. These ETFs, similar to the recently approved batch of BTC ETFs, could potentially send the Ethereum price soaring in the upcoming months.

When we consider Ethereum’s strong fundamentals as a layer-one blockchain, the introduction of these funds could propel ETH to new heights this year. So, if you’re planning to buy ETH, now might be your last chance to do so before it becomes too expensive. ⏰💸

💎 Emerging High Potential Altcoins 💎

If you’re worried that ETH is already heating up too much, fear not! There are other promising altcoins in the market that have the potential to rally in the next few weeks. One such altcoin is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised over $8 million in its ongoing presale.

Bitcoin Minetrix is one of the most interesting projects in the realm of cryptocurrency. It allows users to mine BTC by staking the platform’s native token, BTCMTX. Those who stake BTCMTX receive tokenized mining credits in return, which they can utilize to pay for Bitcoin mining on their behalf.

In addition to this, staking also generates a steady income in the form of BTCMTX tokens, making Bitcoin Minetrix one of the most profitable tokens to hold this year.

The presale is currently in its nineteenth stage and can be joined by visiting the official Bitcoin Minetrix website. At the price of $0.0128 per token, early investors may snag a bargain before the coin is listed on exchanges in the coming weeks.

🔥📈 Visit Bitcoin Minetrix Now 🔥📈

Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes and does not constitute investment advice. Proceed with caution, as you could lose all of your capital.

📚 Additional Resources 📚

For more information on the Ethereum market and cryptocurrency trends, check out the following related articles:

1. SEC Approving Bitcoin ETFs: A Paradigm Shift in Cryptocurrency Investing
2. Understanding the Impact of ETFs on the Crypto Market
3. The Rise of Altcoins: Exploring Promising Alternatives to Bitcoin
4. Mastering Ethereum: A Guide for Beginners and Seasoned Investors
5. Crypto Investing: Strategies and Tips for Success in a Volatile Market

Remember to do your research before diving into the exciting world of cryptocurrencies! 🌐💡

💬 Join the Discussion! 💬

What are your thoughts on the future of Ethereum and the potential for ETH ETFs in 2024? Are you considering investing in altcoins like Bitcoin Minetrix? Share your opinions and insights in the comments below! And don’t forget to hit that share button and spread the word on social media. Let’s help others make informed decisions in the crypto space! 🚀📲

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