[Ethereum’s price recovery looks imminent as ETF approval sees a glimmer hope](https://www.fxstreet.com/cryptocurrencies/news/ethereum-reaches-highest-price-in-one-week-as-phishing-ads-post-threat-to-users-202404080828) [Ethereum](https://www.fxstreet.com/cryptocurrencies/ethereum)(ETH) began showing signs of recovery on Monday, briefly trading at $3,460, after consolidating for the past week.This recovery may likely be due to recent whale activity surrounding the largest [altcoin](https://www.fxstreet.com/cryptocurrencies)and JP Morgan’s positive outlook for an ETH ETF approval.[Bitcoin](https://www.fxstreet.com/cryptocurrencies/bitcoin) surged almost 5% on Monday and rose to the highest since March 14, after fresh bulls cleared psychological $70000 level and Fibo barrier at $70735 (76.4% retracement of $73839/$60688 correction).New record high ($73839) came to focus again after Monday’s rally peaked at $72750, adding to growing signals of an end of corrective phase.
[PancakeSwap price surges as DEX burns $35 million CAKE tokens](https://www.fxstreet.com/cryptocurrencies/news/pancakeswap-price-surges-as-dex-burns-35-million-cake-tokens-202404081335) [PancakeSwap](https://www.fxstreet.com/cryptocurrencies/news/cryptocurrencies-price-prediction-stacks-pancakeswap-bitcoin-etf-american-wrap-8-january-202401081804)(CAKE) announced a burn of 8,703,247 CAKE on Monday, pulling $35 million worth of DeFi tokens from circulation.The DEX’s move catalyzed gains in the asset.A key announcement by PancakeSwap regarding a collaboration with Stryke is likely another catalyst driving gains in the DEX’s native token CAKE.
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FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.[Join Telegram](https://t.me/fxstreetcrypto) Recommended Content Editors’ Picks [PancakeSwap price surges as DEX burns $35 million CAKE tokens](https://www.fxstreet.com/cryptocurrencies/news/pancakeswap-price-surges-as-dex-burns-35-million-cake-tokens-202404081335) [](https://www.fxstreet.com/cryptocurrencies/news/pancakeswap-price-surges-as-dex-burns-35-million-cake-tokens-202404081335) PancakeSwap DEX burned over 8.7 million CAKE tokens worth $35 million on Monday.
The decentralized exchange burns trading fees collected across V3 and V4, prediction market, lottery, NFTs and games.[More PancakeSwap News](https://www.fxstreet.com/cryptocurrencies/news?q=PancakeSwap&hPP=15&idx=FxsIndexPro&p=0) [Ethereum’s price shows signs of recovery as whales begin accumulation](https://www.fxstreet.com/cryptocurrencies/news/ethereum-reaches-highest-price-in-one-week-as-phishing-ads-post-threat-to-users-202404080828) [](https://www.fxstreet.com/cryptocurrencies/news/ethereum-reaches-highest-price-in-one-week-as-phishing-ads-post-threat-to-users-202404080828) Ethereum could see a boost as whales resume purchase, spending $35 million in 14 hours to get the largest altcoin.JP Morgan says Ethereum ETF could be approved after a litigation process.[More Ethereum News](https://www.fxstreet.com/cryptocurrencies/news?q=&hPP=15&idx=FxsIndexPro&p=0&dFR%5BTags%5D%5B0%5D=Ethereum) [Ripple CEO expects the entire crypto market to double in 2024, XRP price eyes comeback to $0.60](https://www.fxstreet.com/cryptocurrencies/news/ripple-ceo-brad-garlinghouse-expects-crypto-market-cap-to-double-xrp-price-attempts-comeback-to-060-202404080609) [](https://www.fxstreet.com/cryptocurrencies/news/ripple-ceo-brad-garlinghouse-expects-crypto-market-cap-to-double-xrp-price-attempts-comeback-to-060-202404080609) Ripple price struggles to recoup the $0.60 round level on Monday after touching it over the weekend, after Ripple CEO Brad Garlinghouse said in an interview with CNBC that he expects the crypto market to remain bullish this year.[More Ripple News](https://www.fxstreet.com/cryptocurrencies/news?q=&hPP=15&idx=FxsIndexPro&p=0&dFR%5BTags%5D%5B0%5D=Ripple) [SocialFi tokens rally as crypto influencers bring back Friend.tech](https://www.fxstreet.com/cryptocurrencies/news/socialfi-tokens-rally-as-crypto-influencers-bring-back-friendtech-202404081056) [](https://www.fxstreet.com/cryptocurrencies/news/socialfi-tokens-rally-as-crypto-influencers-bring-back-friendtech-202404081056) SocialFi tokens have seen a resurgence in prices on Monday as crypto traders revive the Friend.tech hype.Friend.tech v2 launch is coming up after April 20, feeding the SocialFi narrative among market participants.
[More Cryptocurrencies News](https://www.fxstreet.com/cryptocurrencies/news) [Bitcoin: Short-term holders add 1.12 million BTC, what does this mean?](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-short-term-holders-add-112-million-btc-what-does-this-mean-202404050236) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-short-term-holders-add-112-million-btc-what-does-this-mean-202404050236) Bitcoin (BTC) price action for the past three weeks has been confusing for sidelined participants.On the one hand, investors are ignoring BTC and trading altcoins, and on the other hand, traders are expecting a potential dip.[Read full analysis](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-short-term-holders-add-112-million-btc-what-does-this-mean-202404050236).
