Crypto Price Prediction 21/5: Ethereum ETF Hype Fuels Major Market Rally

Crypto Price Prediction

On Monday, the crypto market experienced one of its most significant upticks in 2024, fueled by the anticipation surrounding Ethereum's first spot ETF. The likelihood of Ethereum ETFs receiving approval has surged, following a directive from the U.S. Securities and Exchange Commission (SEC) requiring exchanges to expedite the update of 19B-4 documents on these ETFs. This regulatory push has instilled confidence in the market, potentially paving the way for Ethereum ETFs to enter the mainstream financial ecosystem.

In the past 24 hours, several altcoins have seen remarkable increases, with Ethereum (ETH), Uniswap (UNI), Pepe (PEPE), Bonk (BONK), and Lido (LDO) all surging by over 20%. The momentum has been so strong that even Bitcoin's (BTC) notably rose to $71,400 – its highest level in six weeks.

1) Ethereum (ETH)

Ethereum (ETH) is a decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). The ability to support a wide array of applications and its continuous evolution makes Ethereum a cornerstone of the blockchain and cryptocurrency space.

On May 20th, the ETH price witnessed a massive inflow that propelled its value from $3050 to $3690 registering a 20% jump. The excitement around the potential approval of Ethereum’s ETF is seen as the primary catalyst for this surge. Amid this upswing, the Ether price breached the resistance trendline of a 10-week-long channel pattern, signaling the end of the prior correction trend. The 1.24% surge today adds a suitable follow-up to the recent breakout and pushed the ETH price to $3720. Currently, the Ethereum coin holds a market of $445.5 Billion, while the 24-hour trading volume stands at $39.7 Billion.

As per the technical chart, this rising altcoin could face overhead supply at $3730, followed by $4090, while the key support wavers at $3300 and $3000.

2) Lido DAO (LDO)

Lido DAO (LDO) is a decentralized autonomous organization that offers liquid staking solutions for various blockchain networks. Launched in December 2020, Lido allows users to stake their assets and receive liquid tokens in return, which can then be used in other DeFi protocols, providing liquidity and maximizing returns.

Amid the prior consolidation trend in the crypto market, the LDO price showed a notable resilience above $1.5 psychological support. The coin price rebounded twice from this support within five weeks and revealed the formation of a double bottom. Bolstered by the reversal pattern and recent surge in the Ethereum coin, the LDO price jumped over 10% today and gave a bullish breakout from $2.24. The recovery led the Lido Dao coin market cap to $2.043, registering a 30% jump in the last 24 hours.

If the chart pattern holds true, the buyers should drive a recovery to the $3 mark, followed by $3.76.

3) Pepe Coin (PEPE)

Pepe Coin (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme character, Pepe the Frog. Over the five weeks, the coin witnessed steady recovery evidenced by the formation of fresh higher lows connecting through a rising trendline.