ETH is up 2% in the past 24 hours, with the Ethereum price surging past $3,700 on a day when the crypto market as a whole is basically flat.
This price gives ETH a 29% gain in a week and a 17% increase in a month, with the altcoin sitting on a 105% rise in the past year.
And what gave Ethereum a boost this week was the news that the SEC could approve several spot-based ETH ETFs tomorrow, after the regulator asked applicants to resubmit certain filings.
If the SEC does approve the ETFs, we will likely see the Ethereum price continue its upward trajectory for several days, if not weeks.
Ethereum Price Forecast May 22: ETH Explodes to $4,000 as ETF Expiration Approaches – Time to Buy?
ETH’s price chart shows an indication that the coin may correct a bit today, even if good news could push it up again tomorrow.
Its indicators ticked slightly, with the currency’s relative strength index (purple) falling from 90 late Monday night/early Tuesday morning to around 55 today.
At the same time, it looks like ETH’s price may be about to drop below its 30-day moving average (orange), which is flattening in a sign of declining momentum.
Still, such a loss of momentum could be temporary, with ETH’s 24-hour volume still elevated today at $32 billion.
This indicates strong continued interest in the token, which awaits the deadline tomorrow for several spot-based ETH ETFs.
🚨 🚨 11,016 #ETH (41,738,397 USD) transferred from unknown wallet to #Coinbasehttps://t.co/NQhNCqof5t
— Whale Alert (@whale_alert) May 22, 2024
Of course, investors should be aware that traders and whales will use any rise as an opportunity to dump their holdings, so we may not see a consistent rally in the event of SEC approvals.
Still, as we have seen with Bitcoin this year, the approval of ETH ETFs will serve as a major catalyst for the expansion of Ethereum’s market.
Massive volume could flood into ETH in the weeks and months following an approval, potentially pushing the price past $4,000.
And assuming the Fed cuts rates later in the year, the market as a whole will become more bullish, further boosting the Ethereum price.
Indeed, this morning the UK announced that its official inflation rate fell to 2.3% in April, which is very close to the Bank of England’s target rate of 2%.
Assuming something similar happens in the US, we could certainly see rate cuts soon, helping the Ethereum price.
Alternative Altcoins for Big Rallies
ETH may be one of the most bankable coins in the market, but traders looking to diversify their portfolios would be wise to consider small-cap tokens as well.
Several new meme coins are currently holding their presales, allowing them to generate momentum and attract backers before listing on exchanges.
One of the most interesting of these WienerAI (WAI), a new Ethereum-based cryptocurrency which has now raised $2.5 million in its presale.
REASONS 1-10:
AI TRADING BOT. WIENNER DOGS.
That’s all.
🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖 pic.twitter.com/DcnEkAZFbQ
— WienerAI (@WienerDogAI) May 21, 2024
Not only an Ethereum and BNB-based meme token, WienerAI is also an AI-based trading bot that can answer trading-related questions and offer investment advice.
In particular, it can identify high-potential coins before they make big moves, helping traders and investors stay ahead.
Helping in this regard is its atomic exchange feature, which allows users to trade coins directly through the app.
It also provides front-end protection, helping traders avoid arbitrage bots.
All of this gives WAI a lot of utility as a token, meaning it should experience growing demand as WienerAI becomes more popular.
It will have a maximum supply of 69 billion tokens, with its utility also enhanced by the ability to stake it.
Investors can join the sale by going to the official WienerAI website and linking their wallets.
The coin is currently selling at $0.000709, a price that will increase incrementally with each stage of the sale.
And once the sale ends, it will hold its airdrop for buyers and then list on exchanges.
Buy WAI today
Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and is not investment advice. You can lose all your capital.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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