Attention crypto fans! Ethereum (ETH) is doing really well lately, and experts think it might even reach its highest price ever soon.
People are getting excited again about the possibility of the US approving a special type of investment fund for Ethereum. This has made investors who usually focus on Bitcoin decide to take some of their profits and invest them in other cryptocurrencies, like Ethereum.
In the past five days, Ethereum's price in US dollars has gone up by about 20% and is now around $3,700. This boost in Ethereum's price happened after the US government, through an organization called the SEC, changed its opinion about Ethereum and other similar digital currencies. This week, the SEC started talking to companies that want to create investment funds for Ethereum, and at least five of them have made changes to their paperwork to try to get approval.
In the upcoming 2024 US election, how to handle cryptocurrencies has become a big topic. This has led the government to promise to make clearer rules about how cryptocurrencies should be treated by the end of this month.
For a while now, other cryptocurrencies besides Bitcoin have been gaining more attention. This is because Bitcoin's dominance in the cryptocurrency market has started to decrease after being on top for a long time. In the past few days, the value of Ethereum compared to Bitcoin has gone up a lot.
All these signs suggest that Ethereum's price will keep going up against the US dollar. Some experts even think it could reach $5,000 by the end of June 2024. Another prediction says there's a 20% chance it could reach $5,500 by July 2024.
One expert explains that the approval of investment funds specifically for Ethereum could make Ethereum's price go up even more compared to Bitcoin. This is because Ethereum's market value is currently much lower than Bitcoin's was when Bitcoin got similar approval. So, there's a good chance Ethereum's value could grow a lot.#ETHETFS #ETH🔥🔥🔥🔥 #buythedip #PEPE #BNB_Market_Update $ETH $BNB $SOL