Ethereum Smashed Past $4K To Set A New All-Time High: Analysis

Ethereum smashed past the $4,000 price range to set a new all-time high and the proposals for the ETF are also driving the price of the coin upwards as we can see more in our latest Ethereum news today.

Ethereum is the world’s second-biggest cryptocurrency by market cap and smashed past the $4000 level. The latest all-time high concluded a week of growth and the price rallied to $3000 with the next day striking the $3500 and has been rising ever since. With a market cap of $460 billion, ETH still plays a second fiddle to BTC but it is possible that this could change. While BTC is a form of digital cash and Ethereum is more than that. Its blockchain enables the creation of the world of decentralized financial services via its pioneering use of smart contracts and self-enforcing bits of computer code.

Thanks to the ETH smart contracts, the decentralized finance services exploded over the past year, and the founder of Polychain capital estimated that about $75 billion is locked in decentralized autonomous organizations which govern the industry. The biggest news for Ethereum came this week on Friday when the asset management company VanEck filed for a proposal for an ETH exchange-traded fund with the US Securities and Exchange Commission.

These ETFs are financial instruments that let investors invest in assets without having to buy them directly. They are quite a cheap and regulated ways for investors to buy crypto on the stock market. This draws in the crowd of wealthy financial institutions that will not touch crypto exchanges. This week, another Ethereum ETF launched in Canada which is why Ethereum smashed past $4000. This marked the fourth ETF in the country with the three ones being launched by Purpose in mid-April, Evolve, and CI Global Asset Management. They reached $138 million in trading volume during the first week and the companies also launched a successful Canadian BTC ETF. The fourth ETH was launched by 3iQ at the end of April.

eth chart
ETH with bullish momentum in the daily chart. Source ETHUSD Tradingview

There’s growing anticipation around ETH 2.0 as the upgrade promises to be a faster, cheaper, and lesser threat to the environment. The current version of the blockchain will merge with the 2.0 version later this year.

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Author: Stefan


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