Since the listing of Ethereum spot ETF has become optimistic, the price of Ethereum has soared from $3,100 to nearly $4,000, setting a two-month high. Can Ethereum stand on the $10,000 mark in this bull market? I think it is very promising.
Although the listing of Ethereum spot ETF still needs to wait for the SEC to approve the S-1 document (registration statement), it still does not hinder Ethereum's recent performance that is stronger than Bitcoin. (Since May 15, ETH has soared by about 30%, while BTC has only increased by 9%).
There are three other reasons why Ethereum can stand on the $10,000 mark:
1. The continued prosperity of the Ethereum network
According to DappRadar data, the transaction volume of Ethereum's DApps in the past week reached 58.81 billion US dollars, an increase of 7.5%; CryptoQuant data shows that the number of smart contracts on Ethereum has also increased from 37,870 on May 20 to 38,066 on May 31; Ethereum meme coin $PEPE has also repeatedly broken new highs.
These data indicate the continued growth of Ethereum network activity, which helps promote the burning of ETH, reduce the supply, and help drive up prices.
2. Expected listing of Ethereum spot ETF
The possibility that the Ethereum spot ETF will be listed soon also increases the bullish momentum of ETH. The Ethereum spot ETF is expected to be launched on July 4, but with BlackRock submitting the revised S-1 document, it is also very likely to be officially launched at the end of June. If the SEC delays the listing of the Ethereum spot ETF, it will be beneficial to the rise of ETH, because it will give market participants time to grab ETH before the potential inflow of funds from the ETF.
3. Technical indicators are bullish
The ETH/BTC ratio started to rise on May 17 and reached a two-month high of 0.05744 on May 27, an increase of more than 28%. As long as the ratio remains above 0.051, ETH is considered bullish.
Previously, Standard Chartered Bank predicted that the price of Ethereum may reach $8,000 by the end of this year after listing. With the expectation of spot ETF and the amount of funds, it is not impossible for $10,000, right?
