As a researcher with extensive experience in the cryptocurrency market, I’ve seen my fair share of price fluctuations and market crashes. The recent dip below $3,000 for Ethereum (ETH) was not unexpected given the broader market trends. However, I remain optimistic about ETH’s future prospects.
TL;DR
- Ethereum briefly fell below $3,000 but has since recovered, with bullish predictions targeting prices up to $8,000.
Optimism is partly driven by the potential launch of spot ETH ETFs in the US, expected by some industry participants as early as mid-July.
The Next Target
The downturn in the cryptocurrency market towards the end of last week and the beginning of this one caused Ethereum’s (ETH) price to dip below $3,000. However, within the past 24 hours, bulls have regained control, pushing the value back above that threshold.
Crypto supporters remain undeterred by the recent market downturn, optimistically anticipating a robust recovery for Ethereum. Lucky, a prominent X community member boasting over 2 million followers, viewed the dip below $3,000 as an opportune blessing. Nevertheless, he advised investors to stay vigilant and wait for further developments before making significant transactions.
Mikybull Crypto is convinced that Ethereum’s price has successfully finished testing the bullish trendline breakdown and anticipates a surge towards $4,000.
McKenna and Poseidon expressed great optimism. The first one predicted a price tag of $5,000, while the second one forecasted a new height reaching as much as $8,000 in the upcoming year.
One significant factor potentially igniting a surge is the long-awaited official debut of US-listed spot Ethereum Exchange Traded Funds (ETFs). Keep in mind that the SEC has already given the green light to eight such proposals, but they have yet to be launched. As per Bloomberg’s Eric Balchunas, a launch date around July 18 is the most plausible prediction.
Previous Predictions
As a researcher studying the Ethereum market correction, I came across two influential voices among X users: Captain Faibik and Crypto Tony. They both shared their perspectives on ETH‘s price trajectory during this downturn. Captain Faibik suggested taking advantage of the dip and buying Ethereum, anticipating a “bounce back” for the asset.
According to Crypto Tony’s assessment, the market situation would remain stable if bulls managed to keep the crucial resistance level of $3,270 intact. However, Ethereum has dropped significantly below this threshold, with its current value hovering around $3,100 (as per CoinGecko’s latest data).
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2024-07-09 21:54