Ether is approaching $4,000 following last week’s spot ETF approvals.
Crypto markets rallied on Monday, continuing their bullish momentum following last week’s approval of spot Ether (ETH) exchange-traded funds (ETF) by the SEC.
Ethereum (ETH) jumped 3.5%, bringing its weekly gain to 27%. Meanwhile, Bitcoin, the world’s largest cryptocurrency, is trading above $70,000 again, while Solana appreciated by 2%, data from CoinGecko shows.
Ethereum-based memecoin PEPE has soared 80% in the past week to a market capitalization of nearly $7.2 billion, putting it ahead of Polygon (MATIC) and just 20% away from overtaking Uniswap (UNI).
The PEPE rally has boosted the memecoin sector on Ethereum. TURBO has surged 450% in the past week, while MOG and WOJAK are up more than 150%.
On Solana, BONK leads the pack with a 52% weekly gain, while WIF is up 22% in that span.
“Bitcoin needs to break through $70K on the LTF basis. Once that happens, I think we’ll see a new ATH,” said Michael Van de Poppe, CEO of MN Trading. Data from Farside shows that over a billion dollars flowed into Bitcoin ETFs last week.
Data from CoinGlass indicates that key areas of liquidity have formed around the $68,100 and $68,900 price points. These refer to specific price levels where there is a high concentration of buy and sell orders, indicating significant support or resistance points that influence price movements as traders focus on these levels.
As election season heats up, former U.S. President Donald Trump said that the United States should strive to be a leading force in the cryptocurrency industry.
“Our country must be the leader in the field; there is no second place,” Trump said in a May 25 post on Truth Social. “I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry.”
The U.S. stock market remained closed on Monday in observance of Memorial Day.