ETH Slightly Outperforms the Market
The Ethereum (ETH) is gaining 2.1% to $2310 this week. The major altcoin rose by 5.8% to $2390 on Tuesday, outperforming Bitcoin (BTC), which gained 4.8% to $43,880 on the same day.
The increase in ETH prices could be attributed to the forecast by Standard Chartered. The bank predicts that the U.S. SEC could approve the first spot Ethereum-ETF by May 23. Analysts at the bank believe that such approval could propel the altcoin by 70% to $4000. This estimate appears plausible, given the straightforward nature of the spot ETF story, which is highly sought after by investors.
However, Ethereum has exhibited a muted response to such discussions. The altcoin is currently moving towards the $2200 support level. If it successfully holds above this level, ETH may continue its upward trajectory towards $2500. Alternatively, prices could test the $2000 support.
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