Ethereum Price Forecast – Bullish Bias Continues to Dominate, Brace for Buying!

S&P Dow Jones Indices launched three new cryptocurrency indices that will easily allow retail traders to gain exposure to BITCOIN and Ethereum. The new indices can be used as tracking and benchmarking tools in the legacy finance world. Three indices named Bitcoin Index, S&P Ethereum Index, and S&P Crypto Mega Cap Index will prevent investors from connecting to potentially shady cryptocurrency APIs that may not necessarily provide correct pricing data. S&P hopes that it will make it easier for investors to access the cryptocurrency asset class, and they claim that this will also reduce some of the risks of the speculative & volatile crypto market. This move from S&P added strength to Ethereum prices that were already high on the board. The crypto space was challenging mainstream institutions as Ethereum is currently overtaking several traditional institutions such as PayPal and Bank of America by market valuations. Ethereum-based Defi also passed a high of $78 billion and opened up opportunities for other tokens and coins to increase their market value. The reduced dominance of Bitcoin due to the increased number of other tokens drawing the market’s interest also helped Ethereum remain higher and rise continuously.