The past week was monumental for crypto as the SEC approved Ethereum ETFs. Around the approval, the ETH price surged from around the $3,000 area to slightly below $4,000.
Let’s now explore what top crypto analysts think about the Ethereum price forecast.
Ethereum Price Prediction
At press time, the Ethereum price is trading around $3,850, down roughly 1.5% in the last 24 hours. Jelle, an analyst with over 84,000 followers on X, shared insightful analysis on the ETH price forecast against BTC. He believes the multi-year re-accumulation phase for Ethereum has concluded with the ETF approvals, signaling it’s time for the ETH price to skyrocket. In a chart, he compared Ethereum against Bitcoin, showing ETH bouncing off support near $0.05, with the current ratio around $0.057.
This took much longer than I anticipated, but people are finally seeing bull-market ethereum again.
3 years of re-accumulation completed, the ETFs have been approved.
It's time to send $ETH into the stratosphere. pic.twitter.com/ZJH6Mo0XMR
— Jelle (@CryptoJelleNL) May 27, 2024
It’s important to note that while approved, the Ethereum ETFs have not yet started trading. Some analysts predict they may not launch until July or August. _gabrielShapir0, another prominent analyst with over 40,000 followers, offered a different perspective.
He suggested the ETF approvals were only the first step, and full S-1 approvals might face delays due to political factors related to ESG rules.
alpha on why ETH isn't mooning:
–>only 19b-4s approved, not S-1s
–>approval was by division of trading/markets on 'delegated authority'
–>means a commissioner can challenge in next 10 days (also means they are trying to hide the vote b/c it's political)what's really going…
— _gabrielShapir0 (@lex_node) May 23, 2024
The momentum for Ethereum chart is bullish but showing signs of inflecting. While the MACD (Moving Average Convergence Divergence) line is still above the signal line, indicating positive momentum, the declining MACD histogram bars suggest that momentum may have peaked and could be nearing a downswing.
Currently, Ethereum’s price is neither overbought nor oversold based on the Relative Strength Index (RSI) levels being between 30 and 70. The analyst identified the nearest support levels at $3,200 and $2,930, while the nearest resistance zones are at $4,000 and $4,800.
For Ethereum to continue its bull trajectory, it needs to break above $4,000, at which point the all-time high area from 2021 would be “in reach.”
Best Cryptocurrencies to Buy Now Amid Ethereum ETF Approvals
Amid the Ethereum ETF approvals, some experts are highlighting promising altcoin projects as potential investment opportunities. ClayBro, a YouTuber with 130,000 subscribers, recently posted a bullish video about Dogeverse, highlighting it as one of the best cryptocurrencies to invest in right now.
The Dogeverse pre-sale has generated tens of millions of dollars, with just six days remaining to participate. There is high interest and excitement surrounding the approaching end of the pre-sale. To avoid scams, ClayBro emphasizes using the official website link in the description.
Dogeverse aims to be the biggest new meme coin of 2024, though it faces competition from high-market-cap coins like Dogecoin and Shiba Inu. Unlike typical meme coins, Dogeverse aims to provide real utility through a multi-chain approach and high staking yields. It allows users to transfer assets between different blockchains without using centralized exchanges, focusing on building an ecosystem and providing actual utility beyond just being a meme coin.
The project has a rapidly growing community with significant social media engagement. The pre-sale ends on June 3rd at 6 a.m. Eastern Time, with the claim launch on June 5th at the same time. As an example of potential returns, ClayBro mentions buying 10 Ethereum worth of Dogeverse, which could yield significant gains. Additionally, Dogeverse offers 48% annualized interest for staking, with a seven-day waiting period for unstaking.
Another project worth mentioning is WienerAI, a new meme coin that combines the popular trends of AI technology and dog-themed meme coins. WienerAI raised over $3.2 million in its crypto presale.
Conclusion
All in all, while Ethereum’s price has seen a boost following the ETF approvals, analysts have varying perspectives on the Ethereum price forecast. Meanwhile, projects like Dogeverse and WienerAI are gearing up to potentially be one of the best altcoins to invest in now.
