Ethereum may rise to $ 10,000 this year

Over the past 24 hours, the price of Ethereum ETH $3,293.95 Bridged Ether (StarkGate) -5.34% Market capitalization $0.28 billion VOL. 24 hours $2.06 billion has increased by 7.8% to reach $ 2,685. The reason for this is that Franklin Templeton has applied to create an Ethereum-ETF. The price increase comes in the midst of a market-wide rally that has added 4.1% to the price of bitcoin, which has exceeded$ 50,000.

Franklin Templeton boasts $ 1.5 trillion in assets under management, and now that bitcoin ETFs have become a reality, the emergence of an Ethereum ETF seems almost inevitable.

Everyone is now watching the price of Ethereum to see if the ETF hype can sustain the bullish trend. The SEC has until May 23 to approve the applications.

A quick glance at the trading chart shows that Ethereum is currently trading about $ 8 above its 30-day moving average, which underscores the feverish hype surrounding the coin. However, its Relative Strength Index (RSI) is almost 70. This suggests that the coin is close to being considered «overbought,» so the rally may soon cool off.

Although it is not certain that Ethereum will reach $ 10 thousand this year, crypto experts emphasize that it is a safe place to keep money. Thanks to its highly functional smart contracts, Ethereum is considered the second biggest innovation in the blockchain after Bitcoin.