The Ethereum community is buzzing with excitement as the highly anticipated launch of spot Ether ETFs draws near. Over the past 24 hours, the price of Ethereum (ETH) has seen a significant 5% surge, now trading at $3,907 with a market capitalization of $468 billion. This upward trend is further supported by a substantial 68% increase in daily trading volumes, reaching nearly $17 billion.

Ethereum's Price on Track to Hit $12,000

Renowned crypto analyst Defi Mochi has set a realistic target for Ethereum's price to reach the $9,500 to $12,000 range. This optimistic forecast is based on several key factors that are currently shaping the cryptocurrency market.

Defi Mochi emphasizes the growing political support for cryptocurrencies as a significant driver behind his prediction. As governments and regulatory bodies worldwide begin to acknowledge and accept digital currencies, the legitimacy and potential of crypto assets are growing.

Institutional Adoption and Bitcoin's Market Position

One of the primary reasons behind the analyst's bullish stance is the increasing adoption of Ethereum by institutions. Over the past few years, Ethereum has garnered significant interest from institutional investors, who see the platform's potential beyond just a digital currency. Furthermore, the analyst points out that Bitcoin (BTC) is barely holding at its previous all-time highs, suggesting that there is substantial room for growth within the crypto market.

ETH Price Expected to Reach $4,500 Before ETF Launch

Echoing a similar bullish stance, Arthur, the founder of DeFiance Capital, predicts that Ethereum (ETH) will reach $4,500 before spot ETH ETF trading begins. A survey by WuBlockchain in the Chinese community supports this optimism, with 58% of respondents believing ETH could rise to $10,000 or more in this market cycle.

Strong Confidence from Major Investors

A Santiment chart shows that, as of May 19, the top 1,000 largest wallets held a total of 76.01 million ETH, indicating strong confidence from major investors. With the combination of political support, Bitcoin's market position, and institutional interest, Ethereum could very well achieve the ambitious targets set by analysts.