- Ethereum is the top choice for the next crypto ETF.
- Applications submitted by Kryptoin and Gemini are pending with the SEC.
- Dominance of the altcoin remain close to 18% with a rise in on-chain activity on DeFi and NFT platforms.
- The Ethereum development team is making strides toward “The Merge,” plans to transition by 2022.
SEC’s approval of the Bitcoin futures-backed ETF has paved the way for further crypto ETFs. Ethereum’s transition to proof-of-stake inches closer, analysts expect ETH to break out.
Ethereum to migrate to proof-of-stake in February 2022
Ethereum’s “Triple Halving” narrative relies on the transition to proof-of-merge. In their latest development update on October 16th, the team revealed that the transition will be complete by February 2022. The update reads:
Aim for code to switch off PoW forever to be ready by Feb 2022.
Proponents are debating the role of miners once the altcoin shifts to proof-of-stake. Miners are expected to go obsolete post-merge and shift their resources to Ethereum Classic or Ravencoin mining, since both can be mined using rigs that use Graphics Processing Units (GPUs).
Further, post the approval of ProShares Bitcoin ETF by the Securities & Exchange Commission (SEC), proponents are awaiting a review of Ethereum ETF applications filed by Delaware-based investment firm Kryptoin and Gemini Trust Company.
Lark Davis, a cryptocurrency YouTuber and analyst, recently tweeted about an Ethereum ETF:
#ethereum already pumping, just wait until they announce the ETH ETFs!!!
— Lark Davis (@TheCryptoLark) October 16, 2021
The altcoin's dominance is steady below 18%. Over $825 million worth of Ethereum tokens were burned in the past 30 days, leading to a drop in the circulating supply of ETH.
Supply shortages are historically linked with price rallies. A drop in circulating supply coupled with dropping exchange reserves is likely to trigger a rally in ETH price.
Simon Dedic, managing partner at Moonrock Capital, has predicted that Ethereum is set to enter price discovery mode once it closes this week above $4,000.
$ETH at its last and major weekly resistance now.
— Simon Dedic (@scoinaldo) October 17, 2021
Once this is broken, $ETH will enter price discovery and goes nuts.
A weekly close above $4k is what we would want to see. pic.twitter.com/UaWoxZqwwz
FXStreet analysts have evaluated ETH price trend and predicted ETH will break out. Analysts have set a target of $5,200 for ETH price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?