<img src="https://cryptoslate.com/wp-content/uploads/2024/05/ethereum-pectra.jpg” />
ethereum price has risen to a two-month high of over $3,900 less than a week after the US Securities and Exchange Commission (SEC) approved 19b-4 filings for eight exchange-traded funds ( ETFs) related to the digital asset.
This caps a week of positive performance for ethereum, significantly outperforming the top 10 cryptocurrencies by market cap. During the reporting period, the value of eth increased by approximately 27%, while bitcoin saw a modest 2% gain.
New ATH?
Several stakeholders highlighting how bitcoin spot ETFs catalyzed a 70% surge in btc prices believe that eth price could follow a similar trajectory towards a new all-time high.
Experts noted that the approval of the ETF demonstrated that cryptocurrencies had gained more recognition as a viable financial asset class and would witness greater institutional adoption.
MicroStrategy CEO Michael Saylor corroborated this view during a recent podcast appearance. According to him, the approval of an eth ETF has further legitimized the emerging industry, thereby encouraging institutions to allocate more capital to various digital assets. This comes after Saylor recently stated that ethereum ETFs would never be approved and ethereum would be labeled as a security.
Meanwhile, Arthur Cheong, founder of DeFiance Capital, x.com/Arthur_0x/status/1794746610175615428″>saying eth price could reach $4,500 before ETFs begin trading because the asset is currently underrepresented in cryptocurrency portfolios.
Banking giant JPMorgan has predicted that the ETF will launch before the US presidential election.
pectra update
Another major catalyst that would fuel eth's upward momentum is its upcoming Pectra upgrade, which core developers plan to implement. x.com/gakonst/status/1793691798021488935?s=46&t=aw6ZR-6aD050XLPVXY8AQA”>launch during the first quarter of next year.
Pectra is ethereum's next major upgrade following the successful implementation of Dencun in March. The update aims to improve the ethereum Virtual Machine (EVM) with the ethereum Virtual Machine Object Format (EOF) and includes 11 improvement proposals.
In particular, the developers said they would replace the EIP-3074 account abstraction with the more advanced EIP-7702, introduced by ethereum co-founder Vitalik Buterin. EIP-7702 enables externally owned accounts (EOAs) to function as smart contract wallets during transactions, optimizing the user experience and increasing security.
