The approval of 11 spot Bitcoin exchange-traded funds (ETFs) in the United States on Wednesday sparked fresh enthusiasm in the altcoin industry led by Ethereum (ETH). The high demand for digital assets by institutional investors has significantly increased crypto confidence. Moreover, one of the leading stablecoins issuer Circle has filed for an initial public offering (IPO) with the United States Securities and Exchange Commission (SEC) on Thursday.
Ethereum has recorded a 20 percent spike in the past five days to trade slightly above $2,600 on Thursday. The top-rated layer one blockchain only needs to register a 3x from now to reach the same market capitalization as Bitcoin.
Ethereum Spot ETF Soon
According to Bloomberg ETF analyst Eric Balchunas, there is a 70 percent chance that the U.S. SEC will approve the spot Ethereum ETFs by May this year. Furthermore, Ethereum has the same conditions that led to the approval of spot Bitcoin ETFs on Wednesday. However, experts have argued that the U.S. SEC will want to retain the discretion to determine the digital assets to enter the market.
Ethereum Price Action
The past few days have seen investors switch bullish speculation from Bitcoin to Ethereum. As a result, the ETH/BTC chart has strongly rebounded amid the declining Bitcoin dominance. In this regard, the Netherlands-based popular crypto analyst Michaël van de Poppe has argued the crypto cash rotation from Bitcoin, to large-cap altcoins to small-cap altcoins has officially begun. With the general crypto bullish outlook, Poppe expects Ethereum price to rally toward $3,500 in the near term.
Source: https://coinpedia.org/price-analysis/ethereum-eth-price-to-hit-this-level-by-january-end-right-time-to-buy/