On Thursday, data analytics firm Santiment reported that Ethereum self-custodying is on the rise, pushing exchange-held ETH to a five-year low. This development is seen as an affirmation of the bullish sentiment surrounding Ethereum.
The Securities and Exchange Commission’s approval of Ether futures ETFs has further strengthened this bullish trend. Following this green light from the SEC, industry heavyweights such as BitWise, ProShares, and VanEck launched their Ether futures products, leading to a surge in Ethereum’s price.
VanEck’s Ethereum Strategy ETF (EFUT), in particular, offers investors active participation in digital currencies. Kyle DaCruz noted that this product could be a significant catalyst for the ongoing trend.
After witnessing a 1.2% surge over the past week, analysts project that by year-end, ETH could trade at a minimum of $1,966.08, average around $2,457.60, and potentially peak at $2,949.12.
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Source: Cryptocurrency - investing.com
