Ethereum Reaches $2,100 Following SEC's Ethereum ETF Approval Debate - Latest cryptocurrency news

Ethereum Reaches $2,100 Following SEC’s Ethereum ETF Approval Debate

Ethereum, the second-largest cryptocurrency in terms of volume, has surged to $2,100, displaying a strong price movement. This increase follows the debates initiated by the U.S. Securities and Exchange Commission (SEC) regarding the approval of a spot Ethereum ETF. At the time of writing, Ethereum’s market value stands at $252 billion, with a price of $2,099, recording a 2% increase.

Crypto analyst Michael van de Poppe focuses on Ethereum’s potential rise following Fidelity’s application. According to the application, he shared a tweet stating his belief that Ethereum could reach $3,500 by the first quarter of 2024, following Bitcoin’s rise.

Technology & Populer Science News: Newslinker.co

According to new data, Ethereum whale accumulation continues strongly. Additionally, on-chain data shows significant changes in wallet ownership. According to Santiment, the largest Ethereum wallets exhibit a positive sentiment indicating a significant change.

While exchange wallets have decreased to a six-month low of 8.03 million ETH, non-exchange wallets have reached an all-time high of 41.03 million ETH. This trend indicates an increasing preference for self-custody as more coins move away from exchanges.

In November, Ethereum’s price increased by 13%, while Bitcoin’s rise remained at 8%. One of the several important factors contributing to Ethereum’s growth is Blackrock’s spot ETH ETF application. However, despite a decrease in media speculation about ETFs, the data shows that Ethereum’s price movements surpass those of Bitcoin. This trend in Ethereum may encourage volatile investors and short-term traders to invest more in ETH than BTC in December.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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