The price of Ethereum (ETH) closed at $4,000 during early trading on May 27, rising 5% over the past 24 hours, sparking hope that this could be the start of a post-ETF approval pump for Ethereum.
The asset rose nearly 5% on the day to reach an intraday high of $3,930, according to Cointelegraph data — and Ethereum also benefited from a similar price just days ago when Ethereum ETFs were approved for the first time on May 23.
#Ether It rose back above $3,900. Will we see $4k? today pic.twitter.com/pD4CqmBmTo
— Cointelegraph (@Cointelegraph) May 27, 2024
This has given ETH a 27.5% gain over the past week, outpacing Bitcoin (BTC), which is only up 3.8% in the same time frame.
On May 27, analyst Matthew Hyland told his 143,000
The big weekly move sparked a flurry of expectations from industry analysts and observers.
In a May 26 post on X, DeFiance Capital founder Arthur Cheung predicted that ETH would reach $4,500 even before the launch of spot ETFs.
He conducted a poll on X on May 25 asking how much ETH was allocated to his followers’ wallets. Nearly half of the 5,800 participants received allocations between zero and 25%, prompting Cheung to note: “Just look at how much Ethereum is under-allocated.”
Meanwhile, Ethereum educator Anotheni Sassano predicted that MicroStrategy founder Michael Saylor will buy ETH in the next six to twelve months.
Related: Why did the price of Ethereum (ETH) rise today?
Bitcoin prices rose more than 70% to an all-time high in the two months following the immediate approvals of Bitcoin ETFs in the US.
If Ethereum emulates Bitcoin, a similar move could push prices to an all-time high of around $6,000 by the end of July.
Ethereum's big move has had other impacts on the cryptocurrency ecosystem.
The total value of decentralized finance (DeFi) has returned to a two-year high of $117 billion, with 60% of it locked on the Ethereum network, according to DefiLlama.
Meanwhile, Ethereum's layer 2 networks are approaching an all-time collective high in terms of total value, at around $47 billion, according to L2beat.
Magazine: Historic Turning Point for Cryptocurrencies, Ethereum ETFs, FIT21, Trump: Hodler Digest, May 19-25
