Ethereum (ETH) Price To Hit $5K By End of June: Here’s Why

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Ethereum’s (ETH) price is poised to revisit its all-time high (ATH) in the near term after a robust rebound in the last few days. The rejuvenated calls for spot Ether ETF approval in the United States have reawakened altcoin bulls. As a result, short-term Bitcoin investors have accelerated profit-taking to shift their attention to the altcoin market.

According to the latest market data, Ether’s price against the US dollar gained by around 20 percent in the last five days to trade at about $3,700 on Wednesday during the early New York session.

Ethereum Bulls Are Well Charged

Ethereum’s price turned bullish after the Biden administration, through the United States Securities and Exchange Commission (SEC), changed its stance on the altcoin industry. Earlier this week, the US SEC began to engage the spot Ethereum ETF applicants, resulting in at least five issuers submitting their respective amended 19b-4 documents.

The cryptocurrency issue has become a major topic in the US 2024 election, thus pushing Congress to vote on clearer crypto regulations by the end of this month.

Altseason at Hand

After months of waiting, the altcoin industry has begun rallying against Bitcoin. Bitcoin’s dominance has already signaled an inevitable reversal after rallying for the past year. The ETH/BTC pair has significantly rebounded from the multi-year bottom in the last few days.

Ether Price Targets

With all indicators pointing to an inevitable Ethereum price rally against the US dollar, Lyra options market data suggest Ether will reach at least $5,000 by the end of June 2024. Also, Lyra market data suggests a 20 percent chance for the Ethereum price to reach $5,500 by July 2024.

“The ETH ETF approval should have an outsized effect on ETH relative to Bitcoin. ETH is starting from a market cap that is roughly one-third of what Bitcoin’s was before the ETF was priced in,” Nick Forster, Lyra’s founder and a former Wall Street options trader, noted. “This should drive more volumes to options as traders play the ETF approval event and position for volatile markets without being subject to liquidation (on the long side).”