Crypto Analyst Says Ethereum Price Is Headed To $4,000, Here’s Why
15 Juillet 2024 - 11:00PM
NEWSBTC
Crypto analyst Linda has made a bullish case for Ethereum (ETH),
predicting that the second-largest crypto token by market cap could
rise to $4,000. The analyst also explained what could lead to such
a price surge. Why Ethereum Could Reach $4,000 In a post shared on
TradingView, Linda highlighted the potential approval of the Spot
Ethereum ETFs as one factor that could trigger a move to $4,000 for
Ethereum. She noted that the sentiment around these funds is
positive, with traders waiting for news from the US Securities and
Exchange Commission (SEC). Related Reading: Bitcoin
Accumulation: Who’s Been Buying Up All The BTC Dumped By The German
Government? These Spot Ethereum ETFs are expected to be approved
anytime soon based on predictions made by market experts, including
Bloomberg analyst James Seyffart. Similarly to Linda’s prediction,
other crypto analysts like Michael van de Poppe have predicted that
the Spot Ethereum ETFs will spark a massive rally for
Ethereum. Meanwhile, from a technical perspective,
Linda noted that Ethereum’s outlook is bullish and supports the
crypto token’s potential rise to $4,000. She claimed that the
trigger area for buyers was at $3,200. In line with this, she
believes that further final consolidation of the price above the
200-day moving average and a breakout above $3,200 will “become the
reason for strengthening,” with a potential price target between
$4,000 and $4,800 in sight. On local timeframes, Linda also
stated that there are “prerequisites for a bullish mood,”
especially on the daily timeframe, where the analyst noted that a
rebound from strong support is forming. Based on her analysis,
Linda claimed that the overall outlook for Ethereum points to a
further rise to $4,000. Ethereum’s Chart Identical To
Bitcoin’s Before ETF Launch Crypto analyst Crypto Rover recently
mentioned that Ethereum’s chart is identical to Bitcoin’s before
the Spot Bitcoin ETFs launched. Based on this, the crypto analyst
was suggesting that Ethereum could make a similar run to the one
the flagship crypto enjoyed after the Bitcoin ETFs were
approved. In another X post, the analyst stated that the Spot
Ethereum ETFs would be approved, meaning that Ethereum’s price
rally could already be on the horizon. ETH’s price surge is
expected to happen thanks to the inflows the Spot Ethereum ETFs
will record. Crypto research firm K33 predicts these funds could
attract as much as $4.8 billion in their first five months of
trading. Related Reading: Why Did The Cardano Price Surge 17% Amid
The Crypto Market Crash? Crypto analyst Leon Waidmann also
highlighted how these Spot Ethereum ETFs will spark a massive rally
for Ethereum, stating that institutional investors will likely take
a huge chunk of Ethereum’s dwindling supply once these funds begin
trading. At the time of writing, Ethereum is trading at
around $3,300, up almost 5% in the last 24 hours, according to data
from CoinMarketCap. Featured image created with Dall.E, chart
from Tradingview.com
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