Crypto: Ethereum defies gravity in 2024, with $6000 in sight before the summer!

The price of Ethereum has surged by nearly 67% since the beginning of 2024, driven by a series of favorable developments. The approval of spot Ethereum ETFs by the SEC, as well as major updates to its network, have boosted investor appetite for this leading cryptocurrency.

Ethereum, a safe bet in 2024!

The year 2024 promises to be extremely promising for Ethereum. The second cryptocurrency in terms of market capitalization has already shown a significant price increase, around 67% since January. This surge can be explained in particular by the much-anticipated approval of spot Ethereum ETFs by the American financial watchdog, the SEC, on May 23rd.

On the technical side, the scenario seems particularly favorable for the cryptocurrency. The upward break of the historical descending wedge at the end of May, accompanied by a resurgence in activity, opened the door to an intermediate target of around $4,250 by the end of June, representing additional upside potential of 12.65%.

Several analysts believe that a powerful upward movement of great magnitude could be set in motion for altcoins. Its outcome could propel Ethereum to the vicinity of $6,000 by early July, an enticing prospect for investors.

Growing institutional interest in the second cryptocurrency

According to data from the analysis platform Santiment, the largest whales in the market significantly strengthened their positions on Ethereum from May 20th, when the first rumors about the approval of ETFs emerged.

Institutional investors, represented by these entities with the largest reserves (10 to 100 million ETH), seem to have anticipated this move. Their held supply recently increased by about 0.5%, indicating a renewed appetite.

At the same time, Ethereum reserves on exchanges have significantly declined, reflecting an increased willingness of holders to secure their assets off centralized platforms.

In summary, driven by favorable regulatory and technical developments, Ethereum seems well-positioned to continue its impressive upward trajectory in the coming weeks. The road to $4,000, or even beyond, remains wide open for this now indispensable cryptocurrency.