•Ethereum price is pushing towards the $3,000 area / Source: Adobe The Ethereum (Ethereum-ETH) price forecast is increasingly optimistic as it looks to retest the important psychological level of $3,000 for the first time since April 2022. The price has also continued to gain momentum recently despite The bullish trajectory of the price of Bitcoin (Bitcoin-BTC) stagnates near $52,000; The price of ETH rose by approximately 13% over the past seven days - according to the CoinMarketCap website - while the price of Bitcoin rose by 4.4% during the same period.
•Positive expectations for the price of the ETH currency have increased recently, as a growing number of analysts express their optimism, and asset management company Bernstein suggested yesterday, Monday, that several exchange-traded funds for spot Ethereum trading (ETH spot ETFs) will be approved this year.
•Given these optimistic forecasts, Ethereum's deflationary financials, its flexible staking mechanisms, and the green design of the Ethereum blockchain, ETH is likely to become the “coin of choice for institutional investment.”
•On the other hand, Keyrock CEO Kevin de Patoul indicated - in a statement to Cryptonews - that the probability of approval to establish spot ETFs this year is very weak, and added:
“The SEC has not yet provided explicit guidance on whether ETH tokens are considered securities, which could complicate the approval process.”
•However, Patole confirmed that the SEC would eventually approve the establishment of these funds, adding:
“The uses and significant growth potential of the Ethereum blockchain are a major driver for institutional adoption as a regulatory-licensed investment vehicle... Institutions and investors alike should have an easy way to trade ETH instantly in the form of ETFs.”
•Ethereum Price Forecast: How High Could It Be?
•Investors certainly do not care much about the possibility of not approving the establishment of ETH ETFs in the near future, as optimistic expectations combine with positive technical indicators for the ETH price, especially after the strong upward rebound of the price from the support level at $2,700.
•Looking at the long-term ETH price chart, it is clear that it has taken an upward path since last December, when the long-term resistance level at $2,150 was breached, exiting the ascending triangle pattern that it had remained within for a long time.
•The price then succeeded in testing the support level at $2,150 repeatedly in late December and early January, which strengthened the possibility of it soon rising towards the next major resistance level at $3,600.
•Ethereum price is rushing towards the $3,000 area. If ETH price succeeds in stabilizing above the $3,000 level, it is likely to retest the $3,600 level.
