Today, Ethereum is experiencing a significant gain, increasing by over 2.30% to reach 2370 USD following the Standard Chartered Bank report. Bank has projected a positive outlook for Ethereum, especially in relation to the upcoming decision by the U.S. Securities and Exchange Commission (SEC) regarding spot Ethereum Exchange-Traded Funds (ETFs). The bank anticipates that the SEC, following its approach with spot Bitcoin ETFs, will approve spot Ethereum ETFs on the initial final deadline of May 23. Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, suggests that if Ethereum's price trajectory follows that of Bitcoin's prior to its ETF approval, ETH could potentially reach as high as $4,000. Kendrick's prediction is bolstered by the fact that the SEC has not classified ether as a security in its legal actions against crypto companies, and the listing of ETH as a regulated futures contract on the Chicago Mercantile Exchange further supports this expectation.
Additionally, Ethereum is preparing for its most significant upgrade in a year, known as Dencun. Developers have confirmed they will be testing the upgrade on the Sepolia and Holesky testnets on January 30 and February 7, respectively. This puts the Dencun upgrade on track for deployment on the main network in late February or early March. The Dencun upgrade, a major "hard fork" for Ethereum, is set to enable "proto-danksharding," a technical feature that will reduce transaction costs on layer 2s and provide cheaper data availability on the blockchain.
Source: xStation 5
Daily Summary: Technology Drives Wall Street to Record Highs Despite Tensions in the Persian Gulf
Morning Wrap: US–Iran Peace Talks in the Shadow of Trump’s Ultimatum
Technical analysis: Bitcoin gains and approaches important resistance zone
Crypto news 📈 Bitcoin rebounds approaching $80k level
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
