Ethereum Soars: Analyst Declares It the Most Bullish Altcoin of 2024

• The SEC approved initial filings for spot Ether ETFs in the U.S., pending final S-1 registration clearance.
• Ethereum’s current open interest stands at $6.38 billion, marking a recent 1.63% increase in trading.
• Analysts foresee a bullish trend for Ethereum, citing its surpassing of previous yearly highs and potential price targets at $3720 and $3900.

According to an analyst, Ethereum (ETH) has surpassed its previous year’s high, indicating strong bullish momentum in its price trajectory.

The analyst’s assessment comes amidst growing anticipation in the cryptocurrency community, following the SEC’s approval of spot Ether ETF filings from several applicants. While trading awaits final regulatory clearance pending S-1 registration approval, Ethereum’s market dynamics continue to attract attention.

As reported, Ethereum’s open interest stands at $6.38 billion, reflecting a 1.63% increase in recent trading sessions. Technical analysis further supports the optimistic outlook, with Ethereum currently trading at $3512, showing a 1.28% intraday surge. Market indicators like the MACD suggest Ethereum remains in bullish territory, supported by its position above key moving averages.

Looking ahead, analysts predict potential price targets for Ethereum, setting sights on levels around $3720 and $3900. However, cautionary support levels are also identified, notably at $3260 and $3060, should Ethereum fail to sustain its current bullish trajectory and experience a pullback.

The SEC Chairman recently outlined a timeline hinting at potential final approval for spot Ether ETFs before September. This development has bolstered optimism regarding Ethereum’s market prospects. Given the continuous progress in regulatory clearances and prevailing market conditions, Ethereum’s performance in the upcoming months is poised to draw keen scrutiny from investors and analysts.