Ethereum’s price has climbed to a two-month high of more than $3900 less than a week after the US Securities and Exchange Commission (SEC) approved 19b-4 filings for eight spot exchange-traded funds (ETF)-related to the digital asset.This caps a week of positive performance for Ethereum, significantly outpacing the top 10 cryptocurrencies by market capitalization. During the reporting period, ETH’s value increased by approximately 27%, while Bitcoin saw a modest gain of 2%.Several stakeholders highlighting how the spot Bitcoin ETFs catalyzed a 70% surge in BTC prices believe that ETH’s price could follow a similar trajectory toward a new all-time high.The experts noted that the ETF approval showed that crypto had gained more recognition as a viable financial asset class and would witness more institutional adoption.MicroStrategy executive chairman Michael Saylor corroborated this view during a recent podcast appearance. According to him, the approval of an ETH ETF has further legitimized the emerging industry, thereby encouraging institutions to allocate more capital to various digital assets. This comes after Saylor had recently stated Ethereum ETFs would never be approved and Ethereum labeled a security.Meanwhile, Arthur Cheong, founder of DeFiance Capital, said ETH’s price could hit $4,500 before the ETFs begin trading because the asset is currently underrepresented within crypto portfolios.Banking giant JPMorgan has predicted that the ETF will launch before the US presidential elections.Another major catalyst that would fuel ETH’s upward momentum is its upcoming Pectra upgrade, which core developers plan to launch during the first quarter of next year.Pectra is Ethereum’s next major upgrade following the successful implementation of Dencun in March. The update aims to enhance the Ethereum Virtual Machine (EVM) with the Ethereum Virtual Machine Object Format (EOF) and includes 11 improvement proposals.Notably, the developers said they would replace the account abstraction EIP-3074 with the more advanced EIP-7702, introduced by Ethereum co-founder Vitalik Buterin. EIP-7702 enables Externally Owned Accounts (EOAs) to operate as smart contract wallets during transactions, streamlining the user experience and boosting security.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Stay ahead with crypto’s key news and insights. Delivered directly, every day.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.All spot ETH ETFs have yet to launch despite recent developments.ICBC compared Bitcoin to gold and said Ethereum has established itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.DeFillama data shows the platform’s TVL rose 135% despite the attack.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
