Will Ethereum Price Break $4K in Short-Term Trading?
Ethereum price has fallen following a decline in broader crypto market sentiment due to macroeconomic factors. While Bitcoin is trading below the $70,000 level, altcoins saw corrections falling below resistance levels. At the time of writing, the value of the crypto market stands at $2.42 trillion, down 4% in the last 24 hours.
Leading altcoin Ethereum continued to attract bullish sentiment when considering spot Ethereum ETF listings, among other metrics. The asset’s price swings have led analysts to predict the possibility of it regaining $4,000 in short-term trades in a broader market bull run. While some commentators favor a bounce, others say bearish factors could limit the asset.
Ethereum Price to 4 Thousand Dollars?
Ethereum price is at $3,456, down 4 percent in the last 24 hours, and is falling below the $3,500 level. The asset’s weekly trading fell 9% following the massive liquidation in the crypto market, although long-term numbers are in the green territory. This recent bear trend has reduced analysts’ sentiment regarding a possible price increase.
However, Ethereum holders point out several factors that could lead to a price increase. Expected spot listings Ethereum ETFs is positive for the asset and can lead to entry by institutional investors. Traditional finance has previously listed Ether as the cryptocurrency with the most potential due to its large network of smart contracts and staking feature.
Investors are drawing the line at the success of spot Bitcoin ETFs, which are predicting inflows similar to Ethereum. The US SEC approved Bitcoin ETFs on January 11, and issuers recorded billions of dollars in inflows, rising to an all-time high of over $73,000. Lately SEC Chairman Gary Gensler He noted that ETH ETF S-1 approvals will depend on how responsive issuers are to comments signaling approval this summer.
ETH Recovers Sparks optimism
Following the approval of the 19b-4 applications, the price of Ethereum rose 22% to over $3,700 and then experienced a slight correction as sentiments reversed. This gives an idea of what could happen if more than one ETF is listed. Last month’s surge saw a similar inflow into other altcoins and meme coins. A notable high of this recovery has been inflows into enterprise products and decentralized protocols.
So read: Ton Price Rising Again in Favor of ATH; What’s happening?
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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