For the first time in more than two years, the price of Ethereum reached $4000

For the first time in more than two years, the price of ether reached $4000, increasing the weekly growth to 15% and showing a plus of 63% per month.

Ether last traded at this level in December 2021, a month after it hit a record high of $4,868 on Coinbase. Subsequently, in June 2022, due to turmoil in the cryptocurrency market, ETH fell by 82% to a minimum of $880, which was due to the collapse of the Terra ecosystem and the subsequent bankruptcy of the cryptocurrency zhi FTX.

After the successful launch of spot Bitcoin ETFs in January, attention turned to a similar product based on ETH. Large firms such as Fidelita, BlackRock and Franklin Templeton have already submitted applications. Bloomberg ETF analyst Eric Balchunas suggested that the likelihood of approval of a new product by the deadline of May 23 based on a spot application for ETFs for ether from Ark and 21Shares is 70%. This opinion is shared by Standard Chartered Bank, whose specialists predicted that ether could reach the level of $4,000 immediately before the agreement. At the same time, the investment bank TD Cowen stated that the SEC is unlikely to approve Ethereum-spot ETFs in the near future, and JPMorgan does not give even 50% of this event.

Variant Fund General Counsel Jake Cherwinski believes that the SEC’s refusal to issue spot ether ETFs by the May deadline is more likely than people think, primarily due to legal and political issues th Wednesday in Washington.