Ethereum price and the broader cryptocurrency market show signs of bullish momentum, with the global market capitalization gaining by 2.2% to over $2.7 billion. The gains follow a month of volatility, with the US political and regulatory climate triggering price changes for the entire market.
Ethereum Price Eyes $4,000
Ethereum has been toying with the $4,000 price level but failed to break crucial resistance levels. The recent gains around the largest altcoin come amid US regulators’ approval of spot Ether exchange-traded funds (ETFs).
Ether traded at $3,931 at 13:48 EST after an around 2% gain in the last 24 hours.
ETH has gradually risen over the past day as seen in the chart below. The price has steadily increased from around $3,800 to being rejected at around $3,970.
However, according to some analysts, ETH’s rally might just be getting started and an all-time high might be around the corner. Analysts had earlier said that spot Ether ETFs will begin trading in mid-June. The trade could see asset managers start buying Ether for their funds, which will gradually grow the price of Ether, as seen with Bitcoin.
ETH was last trading at the $4,000 level in March. Breaking past the $4K level will verify the bullish hypothesis laid out by analysts.
Bitcoin Breaks $70,000
Bitcoin has been on a notable uptrend in the last 24 hours and has recently broken the $70,000 level. The king of crypto is up 2% in the last 24 hours, with bulls looking to propel the token to new record highs.
According to one crypto analyst, Michael Van de Poppe, Bitcoin’s break above $70K signals that a record high will be the next stop. The analyst noted that as Bitcoin has consolidated at the $67K level for an extended period, gains were now imminent.
BTC is now trading at 4.9% below the ATH of $73,000 created in March. The digital asset has been gaining due to the hype around Ethereum ETFs.
Bitcoin also benefits from the mentions it receives from the political class. In a recent campaign speech, Republican Presidential contender Donald Trump said he was ready to establish the future of crypto in the US.
PEPE Creates a New All-Time High
PEPE’s recent gains have renewed interest in meme coins. The Ethereum-based token has been the largest gainer in the past week, with the price increasing by 75%.
PEPE is still holding on to some gains, with a 5.1% increase in the last 24 hours. It recently posted an all-time high at $0.0000171. Buyers are driving the gains of the highly speculative tokens.
