Ethereum
Ethereum (ETH) Price History Points to Double-Digit Gains in Q2; What to watch
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As the second quarter of 2024 begins, Ethereum (ETH) Investors are looking to history for clues about the potential performance of the second-largest cryptocurrency by market value. Ethereum price history reveals a trend of robust gains in the second quarter, with an average increase of 67.19%.
Crypto analyst Ali shared a screenshot of Ethereum quarterly returns; ETH saw massive gains of 453% and 102.25% in the second quarter of 2017 and 2019, respectively. Gains for the second quarter averaged 67.19%, with a median of 15.29%.
This positive trend has been consistent enough to attract the attention of investors who view the second quarter as a period of opportunity for Ethereum, with many expecting another season of strong returns.
However, the potential rejection of a spot Ethereum ETF, which could lead to significant price volatility, casts a shadow over this optimistic outlook.
An Ethereum ETF would provide a regulated investment platform for institutional and individual investors, thereby increasing demand and driving up ETH prices. Several issuers, including VanEck and Fidelity, have requested permission to launch them.
However, approval of such an ETF is far from guaranteed. Bloomberg Intelligence analysts estimate there is only a 25% chance of approval.
The Securities and Exchange Commission previously postponed a decision on a cash exchange-traded fund, but it must make one by May 23, which is one of the latest deadlines for applicants.
On May 23, the SEC will decide whether to approve or deny VanEck’s request. If they deny the application, issuers who still wish to be approved will have to refile their application or may challenge the regulator’s decision through litigation.
Seven issuers are proposing to launch a spot Ethereum ETF fund: BlackRock, Fidelity, Invesco with Galaxy, Grayscale, VanEck, 21Shares with Ark and Hashdex.
At the time of writing, ETH was down 1.59% in the last 24 hours, at $3,558. Ethereum temporarily surpassed $3,600 over the weekend after falling 25% between March 11 and 19. According to Santiment, the number of ETH addresses holding coins reached a high of 118,230, with the mid-point MVRV suggesting a slight bullish signal.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.