Ethereum
Ethereum Price Could Potentially Surpass $10,000 Amid Market Dynamics
The price of Ethereum could potentially skyrocket, even surpassing $10,000, according to cryptocurrency expert Ash Crypto. This prediction is based on recent market changes and developments in the world of cryptocurrencies, shared by Ash Crypto in a tweet on the X platform.
But what is driving this bullish prediction? Dive deeper to discover the recent market dynamics and developments that are fueling Ethereum’s exciting future!
The market is changing, my friends!
Recently, over $1 billion worth of Ethereum was withdrawn from Coinbase, marking the largest Ethereum withdrawal from the exchange this year. This large outflow of 336,000 ETH, valued at approximately $1.209 billion, suggests that holders are moving their assets to private wallets or other platforms. Such a large drawdown usually means a reduction in immediate selling pressure, as holders often choose long-term storage, resulting in price stability or even an increase.
Ethereum supply at lowest in eight years
The amount of Ethereum held on centralized exchanges is now at its lowest level in eight years. This reduced supply on exchanges could lead to a more stable market and potentially higher Ethereum prices. With less ETH available for immediate sale, the risks of a price spike increase, especially if demand remains high.
Upcoming Spot Ethereum ETF
Adding to the positive outlook, a Spot Ethereum ETF is expected to begin trading soon. An ETF allows investors to gain exposure to Ethereum without directly purchasing and holding the cryptocurrency. This could attract more institutional and retail investors, further increasing demand and, therefore, the price.
Recent Price Movements
Just before the The US SEC gave the green signal to Ethereum Spor ETFs, the price of Ethereum saw a sharp increase. On May 20, 2024, we saw a long green candle, in which the opening price reached $3,069 and the closing price reached $3,662. This trend continued until June 11, when we saw a red candle, bringing the price back to $3,500.
Currently, Ethereum is priced at $3,526.3. Over the past seven days, Ethereum has seen a change of -7.9%, but its 30-day change is a positive +21.1%. These fluctuations show the dynamic nature of the cryptocurrency market.
Read also: Historical trends suggest Altcoins will peak in October 2025, 546 days after the halving
Would you consider investing in Ethereum based on this news? Share your investment strategies!