- Ethereum’s ETF approval could boost ETH’s buying volume, propelling its price toward the $4,000 mark.
- Solana may initially dip due to fund shifts to ETH, but the long-term upward potential remains strong.
- Ripple’s legal clarity post-ETH ETF approval might resolve its SEC case, spurring significant price recovery.
This week the crypto market was busy with the announcement from the SEC regarding the approval of the Ethereum Spot ETF. This condition provides positive sentiment because it means the SEC’s view may change from previously considering Altcoins as securities-based assets such as shares, but illegal, to now being considered commodities.
Therefore, many altcoins are likely to gain positive sentiment in the long term, as the narrative around them turns legal. The SEC’s decision on ETH could potentially impact 5 different cryptocurrencies.
Ethereum (ETH)
ETH will most likely continue to move up due to new buying volume from institutional investors. This is because, through the existence of a new ETF, there is a possibility that ETH buying volume will increase, similar to the impact felt by Bitcoin during the initial approval of the Bitcoin Spot ETF.
Currently, there is a possibility that the ETH price will move up again towards its upper limit, namely around $4,000, which could bring new movements for traders. In the last 24 hours, the price of ETH edged up 0.4% and touched $3,754. Currently, the lower limit is still strong, keeping ETH around $3,500, so as long as this limit is maintained, there is a possibility that the price could still move up to $4,000.
Solana (SOL)
SOL is currently still in the price appreciation zone but has the possibility of moving down. This is due to the competition between SOL and ETH which is likely to provide an injection of funds from SOL to ETH in the short term due to the positive sentiment surrounding it. However, in general, after ETH moves up, funds will move back to SOL so that the price can move up again.
The price of SOL in the last 24 hours rose 1.4% and touched the price of $169. SOL will likely reach the lower limit at $156 to form a new lower high. Taking after this cost increment, the following target may be $202, as coming to this level would set up a new higher tall within the price appreciation pattern.
Ripple (XRP)
The legality of an ETH ETF could strengthen Ripple’s position. If ETH is recognized as a commodity and permitted for use in an ETF, XRP, which shares similar properties, should logically receive the same treatment. This could resolve the ongoing case, increasing the chances of price recovery for XRP.
The majority of XRP investors and traders are still waiting for a decision which will probably be announced this month or next month at the latest. Currently, XRP is up 2.3% and touched $0.5359. XRP price is trying to move up towards $0.6176 as long as it can maintain its lower limit at $0.5305.
Shiba Inu (SHIB)
The likely affirmation of ETH as an asset may set a point of reference for SHIB to choose comparative acceptance. Given that SHIB has advanced from being simply a meme to setting up its blockchain, it stands to advantage from this point of reference.
It is possible that because SHIB is part of the ETH ecosystem, its price will also move up, due to this positive impact. In the last 24 hours, SHIB rose 0.8% and touched the price of $0.00002463. For now, as long as the lower limit at $0.000022268 is still maintained, there is a possibility that SHIB can move up to reach $0.000032 as long as the upper limit at $0.000027 can be penetrated.
Arbitrum (ARB)
Arbitrum is still the largest second layer in the Ethereum ecosystem, with the largest transaction volume compared to other second layers. Therefore, considering that currently, the transaction volume around ETH is increasing, including on its blockchain, Arbitrum’s transaction volume will also increase, giving the price the possibility to move up.
In the last 24 hours, ARB rose 2.6% and touched $1.20. Looking at its current movement, ARB may be attempting to break the upper limit at $1.21 which could take it higher to the $1.6 area in the next few days if successful.
The Ethereum Spot ETF approval signals a regulatory shift, attracting institutional interest. Ethereum, Solana, and XRP could see growth, with Shiba Inu benefiting from Ethereum’s sentiment. Arbitrum’s role in Ethereum’s ecosystem could drive its price higher. Overall, these cryptos are set for growth amidst regulatory clarity and institutional investment.
Read Also
The post Ethereum Spot ETF Approval: Top 5 Altcoins Set to Soar – ETH, SOL, XRP, SHIB, and ARB appeared first on Crypto News Land.
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