Ethereum Price to $4k: Is It Feasible?
- WBOYOriginal
- 2024-06-14 09:22:291094browse
Ethereum investors are optimistic about a potential rally that could send the price of the token above $4,000. But how possible is this?
Cryptocurrency prices have taken a hit in recent days following a downturn in the broader market. This sell-off saw millions liquidated from the crypto market within a short time, sending the price of Bitcoin, the flagship cryptocurrency, crashing to $66,000.
As a result, the total crypto market capitalization has lost 3.74% at the time of writing to sit at $2.43 trillion. However, despite the bearish price action, Ethereum investors are optimistic about a potential rally that could push the token’s price above $4,000. But how likely is this?
ETH Price To $4k: Possible?
Fresh data from CoinMarketCap shows that Ethereum has suffered a noticeable decline in the last 24 hours. According to the data, the coin is currently trading at $3,475, showing a 2.48% decrease within the recorded time. In the last seven days, ETH has lost about 9.28% but has risen significantly by 18.06% in the last 30 days.
Earlier today, Gary Gensler, the Chairman of the Security and Exchange Commission (SEC), hinted that the Ethereum Spot ETF S-1 is likely to be approved by the end of Summer, which is between June and September ending. If the SEC follows through, the listing could lead to a large institutional flow into the product.
This news has sparked optimism among investors, with talk of a potential rally that could drive the price of Ethereum above $4,000. Holders of Ethereum are hoping that the token’s price will follow the success of Bitcoin after a spot ETF was approved for the asset on January 11. This approval helped push BTC to a new all-time high of $73k, with billions of dollars flowing into the product from issuers.
Before now, a 19b-4 filing was cleared by the SEC, which catalyzed ETH’s 22% surge to trade above $3,700 highlighting the possible impact of a listing by the financial regulatory body. In essence, several factors will determine the chances of ETH climbing above $4,000, including the broader market sentiment and the approval of a spot ETF S-1.
News source：https://www.kdj.com/cryptocurrencies-news/articles/ethereum-price-k-feasible.html
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