Ethereum price prediction: Is $4000 next after ETH’s +17% hike?
(note: the post contains data by AMBCrypto)
Ethereum (ETH) has rallied to a two-month high after Bloomberg analysts increased the odds of the Ethereum Exchange Traded Fund’s (ETF) successful launch.
In a post on X (formerly Twitter) on 20th May, Eric Balchunas, a senior analyst at Bloomberg, raised the approval odds for the Ethereum exchange-traded fund (ETF) from 25% to 75%.
At press time, ETH exchanged hands at $3,648, recording a 17% price hike in the past 24 hours, according to CoinMarketCap’s data. Due to the surge in the coin’s trading activity in the last 24 hours, its trading volume has grown by over 200% during that period.
According to Coinglass data, the amount of ETH’s short liquidations climbed to a year-to-date high of $81 million on that day. In comparison, the amount of long positions liquidated on the same day was $26 million.
Further, ETH whales have taken advantage of the price rally. On-chain data has revealed a considerable spike in whale activity in the past 24 hours.
While ETH’s price trended toward $3700 on 20th May, the count of ETH transactions worth over $1 million also increased.
Per Santiment’s data, 1393 transactions of this nature were completed on that day, representing the highest number since 14th April.
On 20th May, transactions worth above $100,000 totaled 11,827. The last time they were this high was on 15th April.
The attention on ETH in the last 24 hours has resulted in an uptick in its social activity. At press time, the coin’s social dominance was 2.28, its highest since February.
With this value, out of every 100 conversations about the top 100 cryptocurrencies, 2.28 discuss ETH, making it slightly above average in terms of discussion compared to other major coins.
All the positive updates may set up a rally for Ether, which may be finally closing at $4k milestone in a perspective.
