ETH has lifted by 2% in the past 24 hours, with the Ethereum price rising past $3,700 on a day when the crypto market as a whole is basically flat.
This price gives ETH a 29% gain in a week and a 17% increase in a month, with the altcoin sitting on a 105% rise in the past year.
And what has boosted Ethereum this week has been the news that the SEC may approve several spot-based ETH ETFs tomorrow, after the regulator asked for applicants to resubmit certain filings.
If the SEC does approve the ETFs, we’re likely to see the Ethereum price continue its upwards trajectory for several days, if not weeks.
Ethereum Price Prediction 22 May: ETH Blasts Toward $4,000 as ETF Deadline Approaches – Time to Buy?
ETH’s price chart shows some indication that the coin may correct a little today, even if good news tomorrow could push it back up again.
Its indicators have flagged slightly, with the coin’s relative strength index (purple) sliding from 90 late on Monday night/early Tuesday morning to about 55 today.
Source: TradingView
At the same time, it looks as though ETH’s price may be about to sink below its 30-day average (orange), which is flattening out in a sign of declining momentum.
Yet such a loss of momentum may be temporary, with ETH’s 24-hour volume still highly elevated today at $32 billion.
This indicates strong sustained interest in the token, which is awaiting the deadline tomorrow for several spot-based ETH ETFs.
11,016 #ETH (41,738,397 USD) transferred from unknown wallet to #Coinbasehttps://t.co/NQhNCqof5t
— Whale Alert (@whale_alert) May 22, 2024
Of course, investors should be aware that traders and whales will use any spike as an opportunity to dump their holdings, so we may not see a consistent rally in the event of SEC approvals.
Yet as we’ve seen this year with Bitcoin, the approval of ETH ETFs will serve as a big catalyst for the expansion of Ethereum’s market.
Massive volume could flood into ETH in the weeks and months following an approval, potentially pushing its price past $4,000.
And assuming that the Fed will reduce rates later in the year, the market as a whole will become more bullish, further boosting the Ethereum price.
Indeed, this morning has seen the UK announce that its official inflation rate fell to 2.3% in a April, which is very close to the Bank of England’s target rate of 2%.
Assuming that something similar happens in the US, we could certainly see rate cuts soon, helping the Ethereum price.
Alternative Altcoins for Big Rallies
ETH may be one of the most bankable coins in the market, but traders looking to diversify their portfolios would be wise to consider small-cap tokens as well.
Several new meme coins are currently holding their presales, which is enabling them to generate momentum and attract supporters before they list on exchanges.
One of the most interesting of these WienerAI (WAI), a new Ethereum-based cryptocurrency that has now raised $2.5 million in its presale.
REASONS 1-10:
AI TRADING BOT. WIENER DOGS.
That is all.
— WienerAI (@WienerDogAI) May 21, 2024
Not only an Ethereum- and BNB-based meme token, WienerAI is also an AI-based trading bot that can answer trade-related questions and offer investment advice.
In particular, it can identify high-potential coins before they make big moves, helping traders and investors to stay ahead of the pack.
Helping in this regard is its atomic swap feature, which enables users to directly trade coins through the app.
It also offers front-running protection, helping traders to avoid arbitrage bots.
This all provides WAI with plenty of utility as a token, meaning that it should experience growing demand as WienerAI becomes more popular.
It will have a max supply 69 billion tokens, with its utility also enhanced by the ability to stake it.
Investors can join its sale by going to the official WienerAI website and connecting their wallets.
The coin is currently selling at $0.000709, a price which will rise incrementally with each stage of the sale.
And once the sale ends, it will hold its airdrop for buyers and then list on exchanges.
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