Ethereum Price Rally Expected Amid Gold Market Movements

A leading cryptocurrency analyst has recently forecasted a significant upward movement for Ethereum (ETH) alongside the broader altcoin sector.

The Role of Gold in Influencing Ethereum Prices

Michael van de Poppe shared insights on social media, suggesting that a price surge in gold could trigger a bullish phase for Ethereum if gold surpasses the $3,365 resistance level.

He indicated that gold has absorbed liquidity at two significant high points and may be poised for a considerable price shift.

If gold fails to break through the $3,365 barrier, it risks a decline towards $3,200, with the potential to touch a new low of $3,080.

A further downward trend in gold prices could reignite interest in riskier assets like altcoins, especially Ethereum.

As of the latest data, gold traded around $3,384, marking a slight decline of 0.19% over the preceding day. In an unexpected turn, altcoins are showing resilience despite the market’s volatility.

Currently, Ethereum appears to be outperforming Bitcoin (BTC), creating a positive outlook for its future.

Notably, Bitcoin has only gained 0.4%, whereas Ethereum has experienced a rise of 1.7% at the same interval. Other altcoins, including Solana (SOL), XRP, and Dogecoin (DOGE), also recorded gains of 0.5%, 0.6%, and 1.1%, respectively.

Ethereum’s price has bounced back robustly from a low of $2,400 to approximately $2,510. Van de Poppe believes this momentum signals a shift of investor focus towards altcoins.

Will Ethereum Reach the $3,000 Milestone?

Ethereum has shown resilience, bouncing off the $2,475 support level, with eyes set on the $2,600 to $2,650 range.

This range has acted as a short-term resistance point in recent weeks. Should Ethereum manage to clear the $2,650 threshold, a movement towards $2,850 and potentially $3,000 could follow.

However, that upward trajectory is contingent on breaking past the $2,650 mark, along with a steady increase in transaction volume.

Despite a slight recent dip, trading volume has largely maintained its stability.

Ethereum is on a promising path for a bullish breakout if both retail investors and institutional players continue to buy into the asset.

Additionally, Ethereum’s whales appear relentless in their support, with whale transaction volumes rising by 3.72% over the past month. The total holdings among these whales have now reached approximately 1.49 million ETH.

Increasing Hopes for Altcoin ETF Approval in the US

Numerous prominent firms in the United States have started the process of applying to the Securities and Exchange Commission (SEC) to launch ETFs focused on altcoins.

Notably, companies such as Franklin Templeton, WisdomTree, and Bitwise have submitted applications for spot XRP Exchange-Traded Funds.

Recent predictions from Polymarket suggest an 83% likelihood of spot XRP ETF approval by 2025, following the launch of XRP futures by the CME Group.

The SEC began reviewing WisdomTree’s application for an XRP ETF back in May. Alongside XRP, there are ongoing applications for spot ETFs linked to Solana, Dogecoin, and Litecoin (LTC).

While the SEC has postponed its review of Franklin Templeton’s and Bitwise’s ETF applications until June 2025, wait times remain uncertain.

Moreover, there is increasing demand for staking options related to proposed spot Ethereum ETFs.

The timeline for eventual SEC approvals remains unclear, and market watchers are keenly analyzing upcoming developments.

Nevertheless, analysts at Bloomberg are optimistic, predicting that an altcoin-focused ETF could see approval from the U.S. SEC by the fourth quarter of this year.