The cryptocurrency market entered a brief rally last week following the approval of the spot Ethereum (ETH) ETF (Exchange Traded Fund) by the US SEC (Securities and Exchange Commission). Bitcoin (BTC) reclaimed the $71,000 mark following the adoption of the ETH ETF, but has since fallen to the $68,000 level.
While many called the approval of ETH ETF a “sell the news” event, there is a possibility that a market-wide rally will take place this week. Let's take a look at three crypto assets that could rise this week.
Top 3 cryptocurrencies to watch this week
Ethereum (ETH):
ETH is currently up 3.4% on the daily charts, almost 26% on the weekly charts, 32.4% on the 14-day charts, and 25.3% from the previous month. ETH's stellar performance in recent days is likely due to the adoption of ETFs.
Also read: Top 3 cryptocurrencies that could reach record highs in June 2024
According to CoinCodex, the second-largest cryptocurrency will continue trading at the $3,900 level in the coming weeks. However, ETH could break out of its current trajectory and cross the $4000 mark.
Changelly also doesn't expect ETH to rise this week and predicts the asset will fall below $3,900.
Pepper (PEPE):
Pepe (PEPE) is currently the best performing cryptocurrency on the weekly charts. The asset's price has increased by 11.8% on the daily charts, 80.9% on the weekly charts, 94.6% on the 14-day charts and by more than 140% in the previous month.
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According to CoinCodex, the frog-themed crypto will continue its bullish trajectory in the coming weeks. The platform expects PEPE to reach $0.00001965 by May 31, 2024.
Shiba Inu (SHIB):
Shiba Inu (SHIB) is another popular cryptocurrency that could rise in the coming week. According to CoinCodex, SHIB could rise to $0.00002970 on May 31, 2024. Moreover, CoinCodex predicts that the asset will continue to rise in the coming weeks, reaching $0.00009375 on June 24, 2024.
