This article was paid for*
The Ethereum price is undergoing a significant bullish repricing, following the dramatic surge in the odds of spot Ethereum ETF approval on Monday.
Bloomberg ETF analysts James Seyffart and Eric Balchunas backtracked from their pessimistic outlook, now projecting a 75% likelihood that the SEC will greenlight the spot ETH ETFs on May 23rd.
In response, the Ethereum price printed its biggest green candle ever, rallying 20% to trade above $3,700.
Experts project ETH to continue its bullish trajectory, both before and after a potential spot ETF approval.
Why Spot Ethereum ETF Approval is Now a Strong Possibility?
Most crypto market participants have been caught unawares with the sudden turn of events in the spot Ethereum ETF approval saga.
Even with BlackRock being one of the applicants, the market had fully priced in a rejection from the SEC, with ETH trading as low as $2,880 last Tuesday.
Bloomberg ETF analyst James Seyffart remained decidedly pessimistic just 3 days ago, stating on X, “It’s just not happening guys. Sorry”. Meanwhile, his colleague Eric Balchunas called the measured optimism from Coinbase a “risk-free PR move”.
However, there may have been a few indications regarding this oncoming shift in expectations. For instance, on-chain analyst Ali Martinez reported that crypto whales purchased over $341 million worth of ETH in 24 hours.
Such conviction could have indicated two possibilities – either the whales believed that the spot Ethereum ETF rejection is fully priced in or that the SEC may surprise investors with an approval.
Balchunas and Seyffart have since bumped the odds up to 75%, citing the fact that spot Ethereum ETF approval has become an increasingly political issue.
Indeed, other experts have highlighted that a rejection from the SEC would not bode well for US President Joe Biden in an election year, given Donald Trump’s openly pro-crypto stance.
Crypto Experts Predict New ETH Price Targets
The market had largely expected the SEC to reject all spot ETH ETF applications, resulting in Ethereum adopting a bearish stance.
The second largest cryptocurrency is now repricing, with experts projecting it to continue its bullish trajectory in the coming weeks.
Analyst Miles Deutscher expects Ethereum to trade near the $6,500 mark, considering that the Bitcoin price rallied over 75% after its spot ETF approval.
However, crypto influencer That Martini Guy projects ETH to hit $10,000 in the aftermath of spot Ethereum ETF approval.
Analyst Nebraskangooner highlights that ETH has broken out of a bullish cup and handle pattern, with a long-term price target of over $11,000.
Ethereum Meme Coins Set to Explode
Meme coins remain highly correlated to their respective native tokens during this bull cycle. Experts are already gearing up for Ethereum meme coins to explode next once the spot ETH ETFs are approved.
For instance, analysts such as Michael Wrubel and Jacob Bury believe that WienerAI – a new ERC-20 meme coin – has 100x upside potential and could be one of the best crypto to invest in 2024.
$WAI is no ordinary meme coin. As the name suggests, the token offers cutting-edge AI utility, allowing its token holders to gain an edge in crypto trading. From MEV protection to enabling seamless swap, the WienerAI trading bot is designed to be the perfect companion for investors, especially during a bull market.
$WAI has its own staking pool as well, which has a current reward rate of 400%,
It’s therefore not surprising that the WienerAI presale has already raised close to $2.5 million in the first few weeks.
Interested buyers can still visit the wienerdog.ai presale website and utilize the over-the-counter widget to purchase the meme coin.
*Cryptonomist did not write the article or test the platform.
