Ethereum
Will Ethereum Price Reach $5,000?
Ethereum fans have been waiting for a long time for the day when Ether (ETH) will surpass its all-time high and reach new highs. Various market and other factors have hindered this progress, but the current circumstances seem favorable. This time, it seems that ETH could finally reach $5,000 or even higher.
Let’s dive into the reasons behind this optimism.
Highly anticipated ETH ETF launch
After the introduction of Bitcoin ETFs, the crypto world is eagerly awaiting the launch of Ethereum ETFs. The process has been underway for several months, and according to Bloomberg research analyst James Seyffart, nine ETH ETFs are set to launch next week. Seyffart shared a chart in a tweet, listing ETH ETF companies, their fees, and other essential information.
Source: James Seyffart
The chart clarified several aspects of Ethereum ETFs. Companies like Grayscale, Franklin, VanEck, Bitwise and 21 Shares Fees range from 0.15% to 0.21%. Of the nine ETFs, Coinbase will be the custodian for seven of them. Five ETFs will be listed on the Chicago Board Options Exchange (CBOE), three on the New York Stock Exchange, and one on the Nasdaq. Grayscale notably reduced its fees from 0.25% to 0.15%, making it the ETF with the lowest fees.
According to a CBOE OpinionTrading of the ETFs will begin on July 23, 2024.
Market dynamics are flourishing
Ethereum’s daily chart shows strong positive momentum. At the time of writing, ETH is trading at $3,492.8. Several moving averages (MAs) are supporting the current price from below. The 50-day MA is closest to the current candle, with the 100-day MA located between the 50-day and 20-day MAs. The trend suggests that the 20-day MA will cross above the 100-day MA, which could lead to a price rally.
Source: TradingView
ETH is currently grappling with a resistance zone. However, the Moving Average Convergence and Divergence (MACD) indicator suggests that the bulls are gaining strength. Once ETH breaks through this resistance, it will face significant monthly resistance at $3,750, followed by weekly resistance between $3,850 and $4,050.
Several external factors are also contributing to ETH’s bullish outlook. The upcoming launch of Ethereum ETFs and the Bitcoin conference in Nashville, where pro-crypto presidential candidate Donald Trump will speak, are important. Trump’s favorable stance on cryptocurrencies is boosting market sentiment.
A new historical record on the horizon?
Combining the positive data from the Ethereum chart, the imminent launch of Ethereum ETFs, and the boost from Trump’s pro-crypto stance, all signs point to ETH breaking through its resistances and setting a new all-time high. Experts predict that this time, ETH could surge above $5,000.
Read also : Grayscale Launches Exclusive Decentralized AI Fund for Investors
The stage is set for a possible Ethereum explosion. Do you all agree?