Ethereum
Will Ethereum Price Surpass $4,000 in Short-Term Trading?
Ethereum price plunged following a decline in broader crypto market sentiment due to macroeconomic factors. While Bitcoin is trading below the $70,000 mark, altcoins have seen corrections falling below resistance levels. At press time, the crypto market cap stands at $2.42 trillion, down 4% over the past 24 hours.
Leading altcoin Ethereum continued to spark bullish sentiments amid Ethereum ETF spot quotes, among other metrics. The asset’s price swings have led analysts to forecast the likelihood of regaining $4,000 in the near term as part of a broader market rally. While some commentators support a jump, others say bearish factors could limit the asset.
Ethereum price at $4,000?
Ethereum price is at $3,456, down 4% over the last 24 hours, falling below the $3,500 level. Weekly trading of the asset is down 9% following a huge sell-off in the crypto market, although long-term numbers are in the green zone. This recent downtrend has reduced analysts’ feelings about a possible price rise.
However, Ethereum holders point to several factors that could lead to higher prices. The expected spot listings Ethereum ETF are positive for the asset and can lead to inflows of institutional investors. Mainstream finance previously ranked Ether as the crypto with the most potential due to its vast smart contract network and staking feature.
Investors are drawing lines with the success of spot Bitcoin ETFs projecting Ethereum-like flows. The US SEC approved Bitcoin ETFs on January 11, with issuers seeing billions of inflows, leading to a new all-time high above $73,000. Recently, the chairman of the SEC
Gary Gensler said ETH ETF S-1 approvals will depend on issuers’ responsiveness to comments signaling approval this summer.
ETH Rebounds Spark Optimism
After 19b-4 filings were approved, Ethereum price surged 22%, topping $3,700 before a slight correction as sentiments reversed. This gives a glimpse of what could happen if multiple ETFs were listed. Last month’s surge led to a similar influx into other altcoins and coins. A notable highlight of the rebound has been inflows into institutional products and decentralized protocols.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for the latest news. Staying on top of trends, David has worked across several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Far from the financial markets, David goes cycling and horse riding.