Ethereum
Cryptocurrency Analyst Says Ethereum Price Is Heading Towards $4,000, Here’s Why
Crypto analyst Linda has made an optimistic case for Ethereum (ETH)predicting that the second largest crypto token by market cap could go up to $4,000The analyst also explained what could lead to such a price surge.
Why Ethereum Could Hit $4,000
In a job Shared on TradingView, Linda highlighted the potential approval of the Ethereum ETFs under the microscope as a factor that could trigger a move toward $4,000 for Ethereum. She noted that sentiment around these funds is positive, with traders awaiting news from the U.S. Securities and Exchange Commission (SEC).
These Spot Ethereum ETFs are expected to be approved soon based on predictions made by market experts including: James Seyffart, analyst at Bloomberg. Similar to Linda’s prediction, other crypto analysts like Michael van de Poppe predicted that Ethereum Spot ETFs would trigger 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 zone for buyers is at $3,200. With this in mind, she believes that further consolidation price above the 200-day moving average and a break above $3,200 “will become the reason for strengthening,” with a potential price target between $4,000 and $4,800 in sight.
Regarding local timeframes, Linda also stated that there are “preconditions for a bullish mood,” especially on the daily timeframe, where the analyst noted that a bounce from strong support is forming. Based on her analysis, Linda asserted that the overall outlook for Ethereum points to further upside to $4,000.
Ethereum chart is 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 suggested that Ethereum could have a similar run to the one the flagship cryptocurrency enjoyed after the Bitcoin ETFs have been approved.
In other X postThe analyst said that Ethereum Spot ETFs will be approved, meaning that Ethereum’s price rally could already be on the horizon. The ETH price surge is expected to happen thanks to the inflows that Ethereum Spot ETFs will record. Cryptocurrency research firm K33 predicted The funds could attract up to $4.8 billion in their first five months of trading.
Leon Waidmann, Cryptocurrency Analyst He also highlighted how these Spot Ethereum ETFs will trigger a massive rally for Ethereum, saying 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 nearly 5% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart by Tradingview.com