Will Ethereum Price Break $4K in Short-term Trading?

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As a researcher with experience in the crypto market, I believe that Ethereum’s price action is influenced by both bullish and bearish factors. The recent decline in the wider crypto market sentiment due to macroeconomic factors has led to corrections for altcoins like Ethereum, which has seen its price fall below resistance levels. However, Ethereum continues to attract bullish sentiments due to upcoming spot Ethereum ETF listings and other positive metrics.

The price of Ethereum has dropped significantly recently due to a negative shift in the broader crypto market attitude caused by economic factors outside the sector. With Bitcoin trading below $70,000, many altcoins have experienced corrections and fallen beneath their resistance levels. Currently, the total value of all cryptocurrencies is around $2.42 trillion, representing a 4% decrease within the past 24 hours.

Ethereum, the second-largest cryptocurrency by market capitalization, has been generating optimistic forecasts recently due to upcoming Ethereum ETF listings and other positive indicators. Some analysts predict that Ethereum’s price may rebound to hit $4,000 in the near future if the broader bull market continues. However, others caution that bearish factors could potentially cap the asset’s gains.

Ethereum Price To $4k?

The current price of Ethereum stands at $3,456, representing a 4% decrease over the past 24 hours and falling below the $3,500 mark. The weekly trading chart shows a decline of 9%, with significant crypto market sell-offs contributing to this downturn. Despite this bearish trend, long-term Ethereum price figures remain positive. Analysts’ optimism regarding potential price surges has been dampened due to the recent market volatility.

Will Ethereum Price Break $4K in Short-term Trading?

Ethereum supporters cite various reasons that could contribute to a price rise. The upcoming launch of spot Ethereum Exchange-Traded Funds (ETFs) is seen as beneficial, potentially drawing institutional investors due to their sizeable resources. Traditional finance has long regarded Ethereum as the most promising cryptocurrency, owing to its extensive smart contracts network and staking capability.

As an analyst, I’ve noticed a trend among investors: they’re looking to the success of Bitcoin ETFs as a potential indicator for Ethereum ETFs. With the US Securities and Exchange Commission (SEC) approving Bitcoin ETFs on January 11, issuers have seen immense inflows, resulting in a new all-time high for Bitcoin above $73,000. Now, SEC Chair Gary Gensler has hinted that Ethereum ETF applications will depend on how responsive the issuers are to regulatory comments, which could potentially lead to approvals this summer.

ETH Rebounds Spark Optimism

As a researcher studying the cryptocurrency market, I’ve observed an intriguing pattern: Following the approval of 19b-4 filings, Ethereum experienced a significant price increase of approximately 22%, reaching over $3,700. However, this upward trend took a slight correction as sentiments shifted. This brief episode offers insight into what could transpire if multiple Ethereum Exchange Traded Funds (ETFs) were listed. Last month, we witnessed similar surges in other altcoins and meme coins, accompanied by substantial inflows towards institutional products and decentralized protocols.

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2024-06-13 21:19