According to the recent X post from Santiment, over the weekend, Ethereum had an amazing comeback when it surpassed the $3,200 mark. Along with incredible recovery, the second most valuable digital currency in terms of market capitalization experienced an increased network activity.
On May 4th, 2024, Ethereum experienced a surge in network growth, with an astonishing 196.71K new addresses being created. This surge represents the most substantial single-day increase since October 8th, 2022. The surge in new addresses is a clear indicator of renewed interest and participation in the Ethereum ecosystem, signaling a bullish sentiment among investors and traders alike.
Nevertheless, this revival of price did not last long; as of now, ETH is trading at $3,077.66, with a trading volume over the past 24 hours standing at $12 billion, indicating an amazing 15% increase. Nonetheless, Ethereum has experienced a negative change of 1.43% over the last day.
The Regulatory Impact on Ethereum ETF Proposals
The recent dip in ETH’s price can be attributed to the Securities and Exchange Commission (SEC) ‘s announcement that it has postponed its decision on the next steps for Invesco Galaxy’s Spot Ethereum ETF. The new deadline for the decision is July 5th, 2024.
The SEC’s decision has been closely watched as it has implications for other spot Ethereum ETF proposals, including those from Grayscale, Franklin Templeton, VanEck, and BlackRock. The proposal for Invesco Galaxy Ethereum ETF was initially filed on October 20th, 2023, and has undergone various stages of review by the SEC. The regulatory uncertainty surrounding these ETF proposals has contributed to market volatility in recent weeks.
Amid regulatory turmoil, crypto analyst Ash Crypto has given insights into possible market trends. The analyst points out that a fractal pattern like that of Q4 2020 could imply a breakout in Q3 2024 based on historical models. When this occurs it may trigger an altseason of 100x, with Ethereum leading the charge towards $15K.
These predictions have caused much hype among the crypto community; they are now waiting anxiously for what might happen over the next few months regarding prices. However, not everyone agrees whether there is any correlation between past events and future behavior when it comes to price levels in this market – some experts argue yes, while others say no.
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