Ethereum Price Prediction as ETF Decision Deadline Approaches – $10,000 ETH Possible?
The Ethereum price has shot up to $3,657 today, after the SEC asked Ethereum ETF applicants to submit new fillings ahead of a Thursday deadline.
Analysts have taken this development as a sign that the SEC is likely to approve ETH ETFs this week, making Ethereum the second cryptocurrency after BTC to see spot-based ETFs in the US.
This news has enabled ETH to post an 18% gain in 24 hours, while the alt is up by 25% in a week and by 15% in a month.
And with the coin also sitting on a 100% return in a year, its long-term momentum could combine with ETF approvals to result in some big rallies in the very near future.
Unsurprisingly, ETH’s chart has gone parabolic, with its price and indicators all shooting up in the past 12 hours.
Its relative strength index (purple) climbed beyond 90 today, and while this would call for a correction, it still remains close to 80, showing big momentum.
ETH’s 30-day average (orange) is also flying well beyond its 200-day (blue), a clear sign that it has entered an expansionary phase and still has some growth to spare.
What’s also highly bullish is that its volume has rocketed to $36 billion, up from $7.5 billion a day ago.
This indicates some massive interest in the token, with traders and investors clearly trying to get into ETH before any spot-based ETF gains approval.
And according to the latest reports, such approvals could arrive as early as this week, given that the SEC has asked applicants to quickly refile before an incoming deadline.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be
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