Ethereum
Ethereum Price Breakout Will Trigger 100x Altseason in Q3 2024
The recent approval of Ethereum (ETH) spot exchange-traded funds (ETFs) in Hong Kong has significantly rejuvenated altcoin bulls. There are reports of possible approval for mainland Chinese investors to operate Hong Kong-based crypto ETFs. As a result, the total crypto market cap increased by over 2% to around $2.5 trillion on Monday.
The altcoin industry, led by the price of Ethereum (ETH), followed Bitcoin (BTC) in a bullish recovery after being trapped in a downtrend for the past five weeks.
Impressive foreplay feelings
The past few months have been a hive of activity for the crypto industry, led by the recent Bitcoin halving, the conviction of former FTX boss Sam Bankman-Fried, and the resignation of former Binance CEO Changpeng Zhao.
The early approval of the Ethereum spot ETF in the United States has sparked new debates about the next phase of adoption in the crypto and web3 space. Additionally, the altcoin industry is at the forefront of real-world asset (RWA) tokenization, with experts predicting a coming proliferation of billions of dollars in the sector.
According to market data, venture capital firms raised more than $1 billion in April. BlackRock has already helped Securitize raise $47 million to create a tokenization platform.
What’s Next for Crypto
According to a popular crypto analyst alias, Ash Crypto, on Platform X, the ultimate altcoin rally will be determined by Ethereum price action. The crypto analyst estimated that the price of ETH against the US dollar forms a fractal similar to that of the 2020 bullish breakout.
If the price of Ether reaches an all-time high in the third quarter, the crypto analyst believes that the highly anticipated alt season will kick off and propel Ether towards $15,000.