Following the approval of 11 spot Bitcoin ETFs in the United States, attention has turned to Ethereum (ETH), the largest altcoin. Bloomberg ETF analyst Eric Balchunas foresees a 70% chance of a spot Ethereum ETF being approved in May, sparking a buying trend among investors. Consequently, ETH’s price has surged above $2,500, with crypto analyst Michael van de Poppe suggesting a potential rise to $3,500.
Michael van de Poppe, an experienced crypto analyst, highlighted a critical level for Ethereum’s native asset, Ether (ETH), at $2,130. Surpassing this level could lead to a breakout towards new cycle highs above $2,700, with a chance to reach $3,500 in the next two to three months.
Van de Poppe’s analysis indicates that the first significant resistance for ETH is around $3,100. If ETH overcomes this threshold, it could climb to as high as $3,574.
The analyst’s target level of $3,500 represents a significant potential rally of 35% from current prices, signaling a substantial upward movement.
ETH experienced a notable surge after the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs on January 10th. This rise in ETH also led to a recovery in Ethereum betas such as LDO, ARB, OP, and RSTK. Currently, ETH is trading at $2,614, with a modest increase of 0.06% over the last 24 hours, having risen 15.35% over the past week and 17.42% over the past month.