Volatility is on the rise, yet traders see an optimistic window for further gains. This is cemented by the fact that there has been a pivotal transition in the stand of the US Securities & Exchange Commission. The agency has started showing interest in giving the green light to more crypto ETFs. The first on the list is Ether, making up for the Spot Ether ETF in the US market. This follows the approval of Spot Bitcoin ETF, which has accumulated approximately $59 billion in assets since its January debut.
Ether was last seen rising by 26% through Sunday.
Ether ETF is imagining facing a slight drawback as it would not facilitate participation in the staking mechanism. The staking mechanism is recognized as the system that rewards those who pledge their tokens to maintain the blockchain. The removal of this functionality has undercut the interest of traders and investors to some extent.
Nevertheless, sentiments are broadly bullish for ETH as a token and ETF product.
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ETH was last seen exchanging hands at $3,873.91, down by 0.91% in the last 24 hours and up by 5.81% in the last 7 days. It further marks a surge of 17.21% in the last 30 days. There is a notable decline in the market cap and 24-hour trading volume by 0.99% and 0.55%, respectively.
Near-term gains for Ethereum are not as significant as the community would want them to be. For instance, in the next five days, we will likely see the number go as high as $3,899.37. The next 30 days could see the value of ETH listed at $3,897.42 for a gain of 2.04%. This is backed by the volatility of 9.92% and 72 points on the Fear & Greed Index, indicating its Greedy nature.
ETH has seen almost 60% green trades in the last 30 days. It has traded above the expected line for at least 18 days, drawing the 14-day RSI of 72.27. The 50-Day SMA and the 200-Day SMA are $3,213.27 and $2,806.75, applicable in the same order.
When this article was written, the second-ranked crypto globally had a market cap of more than $466 billion and a 24-hour trading volume of above $17.97 billion.
Ether ETF applications require further approval from the Commission. Only then will the market be able to purchase a piece of the product from any platform of their preference. Chris Weston, the Head of Research at Pepperstone Group, has highlighted that pullbacks will be buying opportunities, and risk will always be on the upside.
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The widely prevailing sentiment expects the token to trade as high as $5,000 by the end of this year, that is, 2024.
