Ethereum Tests $2600 Level

The second-largest cryptocurrency by market capitalization has tested the $2600 level, reaching marks last seen in early May 2022.

At the time of writing, the asset is trading around $2580. The local maximum on Binance in the ETH/USDT pair is $2643. 

Ethereum’s price has risen by 8.45% over the past day. The asset’s market capitalization has reached $310.8 billion, according to CoinGecko.

The Ethereum Fear and Greed Index indicates FOMO among investors.

Ethereum Fear and Greed Index is 74 — Greed
Current price: $2,582 pic.twitter.com/setateZRq5

— Ethereum Fear and Greed Index (@EthereumFear) January 11, 2024

Some market experts are convinced that the SEC will soon give the “green light” to spot Ethereum ETFs. Recently, the Commission approved 11 applications for a similar product based on the first cryptocurrency.

New deadline to obsess over just dropped

May 23rd is the final deadline for decision on VanEck’s spot ETH ETF pic.twitter.com/dgi5EVbPeQ

— Will (@WClementeIII) January 10, 2024

“New deadline to obsess over just dropped. May 23rd is the final deadline for decision on VanEck’s spot Ethereum ETF,” wrote Reflexivity Research co-founder Will Clement, attaching a list of applicants to the post.

Bloomberg analyst Eric Balchunas estimates a 70% chance of new products being approved by late spring.

Futures-based Ethereum ETFs have been trading on the U.S. stock market since October last year. Their launch on the Chicago Mercantile Exchange (CME) went without much fanfare. 

Back in October, a Standard Chartered analyst predicted Ethereum could rise to $8000 by the end of 2026.