Eth News

The uptick signals a bullish outlook, according to Wintermute.

A rally in meme tokens such as dogecoin and shiba inu is primarily driven by Asian traders in response to bullish sentiment around ether exchange-traded funds (ETFs), one trader said.

The latest price moves in crypto markets in context for May 24, 2024.

U.S. regulators approved listing spot ETH ETFs but have not yet cleared to trade.

Ether’s price jumped 18% in six days on mounting speculation the U.S. SEC will approve a spot ETH exchange-traded fund (ETF). Some traders expect it to hit $5,000 by the end of June.

Ether spot ETF approval would set a precedent as the first non-bitcoin digital asset to be considered a commodity, raising expectations that solana could follow the same path, the report said.

The latest price moves in crypto markets in context for May 23, 2024.

Traders on Lyra have snapped up ether calls at the $5,000 strike and higher this week.

SOL is often cited as a contender to replace ETH eventually. This week’s market action shows how Herculean the task would be.

Traders will not want to be short ETH while going through an ETF approval, one observer said.