The Ethereum price has surged by 10% in the past 24 hours, rising to $2,656 on the day after the SEC approved its first ever batch of spot-based Bitcoin ETFs.
Yet ETH seems to be doing better than most coins today, with its 24-hour gain surpassing the 6% rise the market as a whole has made in the past day.
It’s now up by 19% in a week and by 98% in a year, with experts now suggesting that the altcoin is the next in line to have spot-based ETFs approved for it in the US.
And given ETH’s already-strong fundamentals, 2024 could end up being a very big year for the coin.
Ethereum Price Prediction as Analyst Says ETH ETFs are Coming in 2024 – Time to Buy?
ETH is clearly in the middle of a breakout at the moment, with its price shooting well beyond its 30-day average and likely to break its current resistance level (red).
It will therefore come as little surprise to see that the coin’s relative strength index (purple) has just topped 70, signalling very strong momentum while also leaving room for further gains before we enter overbought territory.
Source: TradingView
Likewise, the 30-day is now rising more steeply beyond the 200-day average, providing another clear sign that ETH is seeing lots of buying pressure.
If this weren’t already clear enough, the coin’s trading volume – at around $53 billion – also provides a very strong indicator that ETH has likely begun a bull phase.
It actually seems that, after buying up Bitcoin (BTC) over the past few weeks, whales have now turned to Ethereum, with data showing some very aggressive accumulating at the moment.
After the spot #Bitcoin ETF was approved, this whale continued to borrow $WBTC and exchange it for $ETH.
This whale borrowed a total of 621 $WBTC($28.95M) and exchanged it for 11,663 $ETH at a rate of 0.05327.
The whale is long the ETH/BTC trading pair!https://t.co/4uE6Lhgjzx pic.twitter.com/4x93OmYRHL
— Lookonchain (@lookonchain) January 11, 2024
Indeed, some analysts now predict that it’s only a matter of months before Ethereum benefits from the approval of its own spot-based ETFs in the US.
For instance, analyst Will Clemente noted yesterday on X that May 23 is the final deadline for the proposed VanEck Ethereum-based ETF.
As with the now-approved batch of BTC ETFs, these and other ETH ETFs could do wonders for the Ethereum price in the next few months.
And when combined with Ethereum’s strong fundamentals as a layer-one blockchain, the launch of such funds could enable ETH to rise to new heights this year.
As such, now may be the last time to buy ETH this year before it gets too pricey.
Emerging High Potential Altcoins
For those who may worry that ETH is heating up too much, there are other promising alts in the market that also have the potential to rally big in the next few weeks.
This includes Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised over $8 million in its soon-to-ending presale.
Big News Alert! #BitcoinMinetrix has passed the $8,000,000 raise milestone! pic.twitter.com/MNdhQOYzfJ
— Bitcoinminetrix (@bitcoinminetrix) January 10, 2024
One of the most interesting new projects in crypto, Bitcoin Minetrix will enable users to mine BTC by staking the platform’s native token, BTCMTX.
Users who stake BTCMTX will receive tokenized mining credits in return, which they can then spend to pay for Bitcoin mining to take place on their behalf.
On top of this, staking will also earn them a steady income in the form of BTCMTX, making Bitcoin Minetrix potentially one of the most profitable tokens to hold this year.
The presale has just entered its nineteenth stage, with investors able to join by going to the official Bitcoin Minetrix website.
Advantages of #BitcoinMinetrix:
Convenient accessibility.
Efficient cost structure.
Abundant space and peaceful environment.
No concerns about resale value. pic.twitter.com/slptHOIHNk
— Bitcoinminetrix (@bitcoinminetrix) January 11, 2024
They can buy BTCMTX at a price of $0.0128 per token, yet this price is likely to rise much higher once the coin lists on exchanges in the next few weeks.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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