.Two prominent cryptocurrency analysts highlighted several points about the trajectory of the second-largest digital currency by market cap, Ethereum, as they predicted that the price will see positive momentum this year.
. Amid Ethereum price volatility, there is a potential approval on the horizon for an Ethereum ETF before the middle of this year similar to what happened with Bitcoin last month.
. In a recent post on x Vance Spencer, co-founder of cryptocurrency investment firm Framework Ventures, said that layer-two solutions built into the Ethereum platform will make it difficult for other blockchains to compete this year.
. DeFi Dad, a well-known cryptocurrency analyst, shared these thoughts with his followers. He reiterated that this is one of the many reasons why he is taking a bullish stance on his upcoming Ethereum price forecast.
. Layer 2 solutions mean that they lie on top of another layer, i.e. Layer 1. Where the first layer refers to the main block chain, and the second layer is an additional layer or another entire network on top of the main block chain.
. By moving transactions outside the main blockchain, Layer 2 has emerged as a good solution to blockchain scalability and network congestion. Therefore, Ethereum is the main chain that involves a large number of transaction data volumes on a daily basis which, if unresolved, can reach the point of network congestion. Consequently, second-tier Ethereum solutions such as Polygon and Arbitrum emerged.
. At the time of this post on 'X', the price of Ethereum was $2,290. DavyDad's forecasts indicate that the price will rise to between $20,000 and $25,000 this cycle, representing an increase of between 800% and 1,000% in the price of Ethereum if it comes true. While the digital currency is trading at the level of $2,485 during these moments of trading today, Monday, a decrease of 1.6% in the last 24 hours.
. Standard Chartered expects the US Securities and Exchange Commission to approve an exchange-traded fund investing in Ethereum in May. Moreover, the financial institution believes that the regulator will utilize the entire deadline and will make a decision on May 23.
. Bitcoin saw a decline in price, falling by about 10% following the announcement of the approval of a Bitcoin exchange-traded fund. This decline is mainly due to the large number of investors who sold shares of the "Grayscale - GBTC" Fund.
. Meanwhile, Jeff Kendrick, research analyst at Standard Chartered Bank, is optimistic that the scenario will be different for Ethereum ETFs. He argues that the Ethereum Trust does not have the same market share of Ethereum as the Bitcoin Trust did with Bitcoin.
. In the past few days, Bitcoin has compensated for its losses incurred after the launch of Bitcoin funds in the United States, as the famous digital currency rose by about 12% in the last 7 days, recording $48,000, but it declined by about 0.3% in the last 24 hours.
