Ethereum out performs market surging to $3900 on ETF approval, Pectra upgrade in sight

Share This Post

Ethereum’s price has climbed to a two-month high of more than $3900 less than a week after the US Securities and Exchange Commission (SEC) approved 19b-4 filings for eight spot exchange-traded funds (ETF)-related to the digital asset.

This caps a week of positive performance for Ethereum, significantly outpacing the top 10 cryptocurrencies by market capitalization. During the reporting period, ETH’s value increased by approximately 27%, while Bitcoin saw a modest gain of 2%.

New ATH?

Several stakeholders highlighting how the spot Bitcoin ETFs catalyzed a 70% surge in BTC prices believe that ETH’s price could follow a similar trajectory toward a new all-time high.

The experts noted that the ETF approval showed that crypto had gained more recognition as a viable financial asset class and would witness more institutional adoption.

MicroStrategy executive chairman Michael Saylor corroborated this view during a recent podcast appearance. According to him, the approval of an ETH ETF has further legitimized the emerging industry, thereby encouraging institutions to allocate more capital to various digital assets. This comes after Saylor had recently stated Ethereum ETFs would never be approved and Ethereum labeled a security.

Meanwhile, Arthur Cheong, founder of DeFiance Capital, said ETH’s price could hit $4,500 before the ETFs begin trading because the asset is currently underrepresented within crypto portfolios.

Banking giant JPMorgan has predicted that the ETF will launch before the US presidential elections.

Pectra upgrade

Another major catalyst that would fuel ETH’s upward momentum is its upcoming Pectra upgrade, which core developers plan to launch during the first quarter of next year.

Pectra is Ethereum’s next major upgrade following the successful implementation of Dencun in March. The update aims to enhance the Ethereum Virtual Machine (EVM) with the Ethereum Virtual Machine Object Format (EOF) and includes 11 improvement proposals.

Notably, the developers said they would replace the account abstraction EIP-3074 with the more advanced EIP-7702, introduced by Ethereum co-founder Vitalik Buterin. EIP-7702 enables Externally Owned Accounts (EOAs) to operate as smart contract wallets during transactions, streamlining the user experience and boosting security.

The post Ethereum out performs market surging to $3900 on ETF approval, Pectra upgrade in sight appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dogecoin Price Prediction 2025, 2026 – 2030: Will DOGE Price Hit $1?

The post Dogecoin Price Prediction 2025, 2026 – 2030: Will DOGE Price Hit $1 appeared first on Coinpedia Fintech News Story Highlights The price of Dogecoin today is Dogecoin price may reach a

Cardano Price Prediction 2025, 2026 – 2030: Will ADA Price Hit $2?

The post Cardano Price Prediction 2025, 2026 – 2030: Will ADA Price Hit $2 appeared first on Coinpedia Fintech News Story Highlights The live price of the Cardano token is ADA coin price could

Solana Price Prediction 2025, 2026 – 2030: SOL Price Targets $500 Next?

The post Solana Price Prediction 2025, 2026 – 2030: SOL Price Targets $500 Next appeared first on Coinpedia Fintech News Story Highlights Solana Price Today is Solana price could reach a

Crypto.com Expands UAE Footprint With License to Offer Derivatives

Cryptocom has received a limited license from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer derivative products such as futures and perpetual swaps, marking a major step forward

Binance Coin Price Prediction 2025, 2026 – 2030: Will BNB Hit $1000?

The post Binance Coin Price Prediction 2025, 2026 – 2030: Will BNB Hit $1000 appeared first on Coinpedia Fintech News Story Highlights Binance Coin Price Today is The BNB price prediction

Vermont withdraws action against Coinbase, awaits SEC’s regulatory clarity

Vermont has officially withdrawn its legal action against Coinbase, which accused the crypto exchange of offering unregistered securities through its staking program In a court filing on March 13,