Ethereum Price Prediction as ETH Crosses $4,000 Level – New All-Time High Coming?
Ethereum (ETH) is back trading comfortably above $4,000, a level last seen in late 2021.
The cryptocurrency underpinning the most commercially important blockchain rallied 14.3% over the last 7 days, outpacing market leader Bitcoin (BTC), which rallied 9.7% this week.
Ethereum’s market cap now hovers at close to half a trillion, although it will need to effectively triple that to catch up with Bitcoin.
Despite Ethereum’s stronger rally, today is really Bitcoin’s day, as the world’s oldest and most popular cryptocurrency is currently changing hands at an all-time high (ATH) of almost $72,000.
While Ethereum’s smart contracts quickly expanded the horizon of what blockchain was capable of and helped to usher in an alternative financial system, it’s really Bitcoin that bootstraps the entire market.
There is a lot to look forward to in the near term from both of the market leaders.
Bitcoin is trading at a new ATH off the back of new institutional interest since the US Securities and Exchange Commission (SEC) approved the launch of 11 spot Bitcoin ETFs.
The ETFs have together attracted nearly $10 billion in inflows since they began trading on January 11.
Bitcoiners are also pointing at the quadrennial halving on April 19 as another price driver. The halving is when miners’ block rewards get halved, causing a supply squeeze in the issuance of new Bitcoin.
Historically, halvings have tended to drive the price higher, and this halving looks no different, with institutional demand for Bitcoin currently at an all-time high.
Ethereum fans are also pointing at a potential milestone on May 23. This is the SEC’s first deadline to return a verdict on the latest round of applications for a spot Ethereum ETF. If Ethereum ETFs are approved, then
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