Ethereum price has plunged following a decline in the wider crypto market sentiment due to macroeconomic factors. As Bitcoin trades below the $70,000 mark altcoins have seen corrections falling below resistance levels. At press time, the crypto market cap stands at $2.42 trillion, a 4% decline in the last 24 hours.

Leading altcoin Ethereum has continued to attract bullish sentiments in view of spot Ethereum ETF listings among other metrics. The asset’s price swings have led to analysts projecting the probability of regaining $4,000 in short-term trading in a wider market bull run. While some commentators support a jump, others say bearish factors might limit the asset.

Ethereum Price To $4k?

Ethereum price is at $3,456, a 4% decline in the last 24 hours going below the $3,500 level. Weekly trading for the asset is down 9% following huge liquidation in the crypto market although long-term figures are in the green zone. This recent bear trend has reduced analysts’ sentiments on a possible price jump.

However, Ethereum holders point to several factors that can lead to a price upswing. The anticipated listings of spot Ethereum ETFs are positive for the asset and can lead to inflows from institutional investors. Traditional finance previously listed Ether as the crypto with the most potential because of its large smart contracts network and staking feature. 

Investors draw lines with the successes of spot Bitcoin ETFs projecting similar inflows to Ethereum. The US SEC approved Bitcoin ETFs on Jan 11 with issuers recording billions in inflows leading to a new all-time high above $73,000. Recently, SEC Chair Gary Gensler stated that ETH ETF S-1 approvals will depend on how responsive issuers are to comments signaling an approval this summer.

ETH Rebounds Spark Optimism

After the approval of 19b-4 filings, Ethereum’s price jumped 22% going above $3,700 before a slight correction as sentiments flipped. This shows a glimpse of what might happen should multiple ETFs be listed. Last month’s surge saw a similar inflow to other altcoins and meme coins. A notable height of the rebound was inflows to institutional products and decentralized protocols.

Also Read: Ton Price Is Rising Again Favoring The ATH; What’s Happening?

The post Will Ethereum Price Break $4K in Short-term Trading? appeared first on CoinGape.

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Filed under: News - @ June 13, 2024 6:15 pm