Ethereum (ETH) has indeed been strong in recent times, as if to indicate that the approval of its ETF (Exchange Traded Fund) is imminent. This important result will be revealed at 4 a.m. tonight. If ETH's ETF application is successfully approved, it will be easy to break through the $4,000 price point, and its target price will be directly in the $4,300 to $4,700 range, and there is even a chance to challenge the historical high.
Looking back at Bitcoin (BTC) which has broken its historical high in March this year, Ethereum, as another important pillar of the cryptocurrency market, is likely to make up for the rise. If ETHETF is approved, projects on the entire Ethereum ecosystem, the so-called "Ethereum system", are also expected to usher in a round of general price increases.
Among Ethereum projects, ENS (Ethereum Name Service) has performed particularly well recently. As the "son of V God", ENS has rebounded by as much as 68% in the past four days, and its weekly trend is also the most eye-catching among many projects. At present, its upper target price has been generally favored by the market to be between $24.5 and $27.2.
In addition, ETHFI has also shown a good rebound momentum in recent trading, with an increase of 36%. Although Ethereum's second-layer network projects are relatively weak, the best one among them, OP (Optimism), has rebounded by as much as 70% after the decline in April. Currently, its short-term pressure level is between $3 and $3.3.
In summary, Ethereum and its ecological chain projects have shown strong upward momentum under the expectation that the ETF may be passed. Investors can pay close attention to the results of the ETF application at 4 am tonight, as well as the subsequent trend of Ethereum and related projects.
