According to analysts, in the near term we should expect an increase in demand for ether due to the approval of spot ETF-ETH in the United States. QCP Capital emphasized that the volatility discrepancy began after May 23, when the US Securities and Exchange Commission (SEC) approved Form 19b-4 filings by Ether ETF issuers.
Experts emphasized that the market is showing positive dynamics, despite the hacking of the DMM Bitcoin cryptocurrency exchange.
“Another reason for the continued bullish sentiment is that speculators are increasing long positions in other major cryptocurrencies in anticipation of the approval of spot exchange-traded funds in the near future,” the specialists added.
QCP Capital suggests that with current trends in the crypto market, Ethereum can demonstrate positive dynamics and come close to the $4,000 mark.
According to the CoinGlass platform, in May, Bitcoin strengthened its position in the market and increased in price by 11.07%. Ethereum saw a 24.65% increase in value.
Source: Bits
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