Cryptocurrency markets are showcasing increased risk appetite, leading to price surges across various digital assets, including Ethereum.
Overall Trends in the Crypto Market
On Friday, global markets displayed an increased risk appetite that reflected in the growth of cryptocurrencies. The total market capitalization of crypto rose by 3%, driven by significant gains in altcoins.
Ethereum's Achievements and SEC Influence
As of press time, Ethereum (ETH) gained nearly 4% in the last 24 hours, reaching $4,002. This marks the first time since December that Ethereum has surpassed this psychological level. Since finding support at $1,383 in April, Ethereum's price has surged by 163% due to increased staking and company treasury holdings. Furthermore, recent positions from the SEC indicating that certain liquid staking activities do not qualify as securities have bolstered positive expectations among investors.
Analysts' Predictions for Ethereum's Future
The co-founders of Glassnode issued a remarkable Ethereum forecast, stating, "ETH is taking a small breather, but the next move is loading and will melt faces." With Ethereum trading above $4,000, attention is now focused on whether it will reclaim its all-time high of $4,891 reached in November 2021. Breaking above the $4,000 and $4,500 levels will be closely monitored as a sign of sustained bullish momentum.
The cryptocurrency market continues to experience growth, placing Ethereum at the forefront. Observing its prices and analysts' forecasts may predict potential directions for investors.
