Benzinga - by Chris Katje, Benzinga Staff Writer.
The cryptocurrency market continues to see increased interest in 2024 from new investors. The door could be open for new investors to gain exposure to cryptocurrency Ethereum (CRYPTO: ETH) after the U.S. Securities and Exchange Commission (SEC) approved spot Ethereum ETFs recently.
With the news and potential positive catalyst, cryptocurrency investors don't appear ready to sell their Ethereum yet.
What Happened: The approval of Ethereum ETFs follows the approval of Bitcoin ETFs in January — one of the biggest news items in the history of Bitcoin (CRYPTO: BTC) and cryptocurrency.
The approval of Bitcoin ETFs led to the leading cryptocurrency Bitcoin hitting new all-time highs earlier this year.
Ethereum gained momentum with the ETF approval. So far, it has not hit new all-time highs.
Benzinga recently asked its followers on X, formerly known as Twitter, at what price Ethereum investors would consider selling their cryptocurrency.
"Now that the Ethereum ETFs are approved, at what price point would you consider selling your Ether holdings?" Benzinga asked.
Here are the possible answers and poll results:
- When ETH reaches $5K: 23.6%
- When ETH surpasses $10K: 50%
- Hold regardless of price: 26.4%
Related Link: With Ethereum ETFs Approved, Why Is ETH Not Going Up?
Why It's Important: Ethereum hit an all-time high of $4,891.70 on Nov. 16, 2021. The cryptocurrency has traded as high as $4,092.28 over the past year.
Over 75% of respondents said they wouldn't sell Ethereum if it hit $5,000, choosing to instead hold out for $10,000 or to hold regardless of the price.
Holding until Ethereum hits a price of $10,000 getting half of the vote might signal that Ethereum investors aren't ready to hold their cryptocurrency for as long as Bitcoin investors are. Bitcoin has been known to have many long-term holders who don't want to sell regardless of price.
ETH Price Action: Ethereum trades at $3,840.64 on Tuesday versus a 52-week trading range of $1,523.24 to $4,092.28.
Ethereum is up 62.9% year-to-date and up 100% over the last year, trailing the 53.4% and 141.5% returns of Bitcoin, respectively.
Read Next: Ethereum ETFs: A New Dawn For Digital Assets
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