Ethereum prices rose by nearly 3% on Thursday, giving hope to many in the market. However, what caught the eyes of investors was the trend indicating that the price recorded above the two-day Ichimoku cloud, marking a significant milestone that has not been reached in more than a year and a half. The trend now raises the question of whether Ethereum will emerge as a better option than Bitcoin for many investors.
At the press time, ETH is trading at $3,454.29, up 3.56% as compared to the same time last day.
ETH Ichimoku Cloud Better Than BTC
The dominant altcoin, Ethereum, is displaying strong indications of a bullish trend versus Bitcoin. Recently, the price for Ethereum recorded above the two-day Ichimoku cloud, marking a significant milestone that has not been reached in more than a year and a half.
This technical indicator, frequently used to assess momentum and potential support and resistance levels for Ethereum, indicates that a significant change in the cryptocurrency’s trading range could be imminent.
With fresh positive signals from stochastic indicators, the price of Ethereum (ETHUSD) is currently stable above $3,400 and continues to swing around it. It is waiting for the bullish wave to pick up again, with the initial aim of $3693. However, the positive trend will subside if the price breaks below $3360.31.
Will ETH Rise Further?
The rise in Ethereum prices comes at a time when the approval for ETH ETF is right around the corner. Citing sources from industry insiders, a recent Reuters story on Wednesday suggested that the SEC may authorize spot ETH ETFs by July 4. The forecast for July 4 corresponds with earlier conjectures made by Bloomberg analyst Eric Balchunas, who surmised that ETH ETFs may debut around July 2.
The news of a potential Ethereum ETF has kept the investor sentiments afloat. However, the impact of this news on further price is still under speculation.
According to new estimates, two months after spot Ethereum ETFs are launched, the price of ETH may rise by 40%. More broadly, the price of ETH will range over the next two years from $2,142 to $12,621.
Without taking the ETF approval into consideration, Ethereum is predicted to hit a maximum of $6,500 by 2025, with a minimum of $4,500 and an average of $5,500. Additionally, it is anticipated to increase to a maximum of $20,500 by 2030. The Dencun upgrade is scheduled for this year, and it is expected to have a beneficial impact on the value of ETH.
