Ethereum's Ascent to $3500: Analysts' Prediction Amidst ETF Approvals .$ETH $BTC

After the approval of 11 spot Bitcoin ETFs in the U.S., attention has shifted to Ethereum (ETH). Bloomberg ETF analyst Eric Balchunas suggests a 70% chance of a spot Ethereum ETF approval in May. This anticipation has driven ETH's price above $2,500. Crypto analyst Michael van de Poppe identifies a critical level at $2,130 for ETH, and surpassing it could trigger a breakout towards new highs above $2,700, potentially reaching $3,500 in the next two to three months. Van de Poppe sees significant resistance at $3,100, with a potential climb to $3,574, indicating a 35% rally from current prices.

ETH's surge followed the SEC's approval of Bitcoin ETFs on January 10th, leading to a recovery in Ethereum betas like LDO, ARB, OP, and RSTK. As of now, ETH is trading at $2,614, showing a modest 0.06% increase in the last 24 hours, with a 15.35% gain over the past week and 17.42% over the past month.

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