After a 25% hike the previous week, the Ethereum price surged to the month-high of $3937 just hours ago. The second biggest cryptocurrency, Ethereum, is bullish, with constant gains, pushing its market cap to $467.8 Billion. Moreover, the number of transactions and network activity has surged by multiple folds, bringing the trading volume to $17.8 Billion after 65% gains. However, this is just the beginning for ETH price as the various analyses and predictions talk of the price surpassing any previous record.

The effect of Ethereum’s bullish outlook isn’t limited to itself only, as the entire crypto ecosystem is affected positively. The total value locked (TVL) in the decentralized finance (DeFi) has surged to $117 Billion, a new two-year high record. More importantly, 60% of the locked value is of Ethereum. Moreover, the Ethereum layer2 blockchains are also in its highest TVL zone, which comes to around $47 Billion.

So, what’s backing this price rally, and how high Ethereum price can go after this? Let us discuss that in this blog.

Factors Backing The Ethereum Price Surge

Ethereum’s price began to rise right after the Bloomsberg analyst predicted Ethereum ETF approval, and then once they got approved, the price went crazy. Even without the beginning of the ETH ETF transaction, the hype has surfed to the roof. The hype is understandable by Kavita Gupta, the Delta Blockchain Fund General Partner, denoting Ethereum as Digital Oil. This statement comes after an interviewer asked Kavita what Bitcoin is called Digital Gold and what’s Ethereum for her.

Ethereum ETF approval is much bigger than Bitcoin ETF as Ethereum is not just cryptocurrency, it is the creator in the crypto industry, which will boost the Ethereum ETF higher than Bitcoin’s. Many analysts have claimed Ethereum might surge above $11K by the year’s end and even higher the next, solely because of the Ethereum ETF popularity.

Can Ethereum Surge To An ATH?

Ethereum’s hype has directly hinted at its rally to the ATH target of $4,891.70. Confirming the same, Arthur Cheong, the CEO of Defiance Capital, has predicted the ETH price to hit $4500 before the trading goes live for the Ethereum ETF.

4.5k before spot ETF go live for trading imo.

— Arthur (@Arthur_0x) May 26, 2024

As the trading volume is the favorable factor for the price surge along with many other bullish indicators, ETH price might hit a new ATH soon. However, if Ethereum fails to break the resistance between $3900 & $4000, the price can decline. Regardless, the analytics for now talk of Ethereum price to hit $4500 before finding its way to $4891.70 and higher.

Not only this, it is clear that Ethereum follows the price trajectory of Bitcoin.  Based on that Ethereum may rise as high as $6000 in the next two months, just the way Bitcoin did. Moreover, the top crypto personalities are looking forward to Michael Saylor, the MicroStrategy founder, investing in Ethereum next. It will be another milestone, as Microstrategy boosts the Bitcoin price, and the same might happen for Ethereum.

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The post Ethereum Price Bullish Outlook: Could We See New All-Time High? appeared first on CoinGape.

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