Cryptocurrency Analyst Says Ethereum Price Is Heading Towards $4,000, Here’s Why

Cryptocurrency analyst Linda presents the following bullish case: Ethereum (ETH)It is expected to become the second largest cryptocurrency token by market cap. It could go up to $4,000. The analyst also explained the factors that could lead to such a price surge.

Why Ethereum Can Reach $4,000

in post Linda shared on TradingView, highlighting the potential approval: Spot Ethereum ETF One factor that could lead to Ethereum moving to $4,000 is that she cited positive sentiment towards these funds, with traders awaiting news from the U.S. Securities and Exchange Commission (SEC).

References

These spot Ethereum ETFs are expected to be approved soon, according to predictions from market experts and others. Bloomberg analyst James Seifert. Similar to Linda’s prediction, other crypto analysts also Michael Van de Poppe Spot Ethereum ETF predicted to spark massive rally in Ethereum.

Meanwhile, from a technical perspective, Linda noted that the outlook for Ethereum is bullish and supports the possibility of the crypto token rising to $4,000. She claimed that the trigger area for buyers is $3,200. Accordingly, she added that the final enforce A move above the 200-day moving average and a break above $3,200 would be “reasons for bullishness,” with potential price targets expected to be in the $4,000 to $4,800 range.

On the local timeframe, Linda also noted that there are “prerequisites for a bullish mood,” especially on the daily timeframe, where the analyst noted that a bounce from strong support is forming. Linda argued that the overall outlook for Ethereum is for a further rise to $4,000, based on her analysis.

Ethereum chart before ETF launch, same as Bitcoin

Crypto Analyst Crypto Rover Recently, it was mentioned that Ethereum’s chart is identical to Bitcoin’s chart. Spot Bitcoin ETF Based on this, cryptocurrency analysts have suggested that Ethereum could perform similarly to what leading cryptocurrencies have enjoyed. Bitcoin ETF approved..

Other X PostAnalysts say a spot Ethereum ETF will be approved, which means a rally in Ethereum could already be on the horizon. The surge in ETH is expected to happen thanks to the inflows that the spot Ethereum ETF will record. Cryptocurrency research firm K33 predict The funds could raise up to $4.8 billion during their first five months of trading.

References

Cryptocurrency Analyst Leon Waidmann He also highlighted how these spot Ethereum ETFs could spark a massive rally in Ethereum, noting that once these funds start trading, institutional investors are likely to grab a huge chunk of Ethereum’s dwindling supply.

At the time of writing, Ethereum is trading at around $3,300, up about 5% over the last 24 hours. data On CoinMarketCap.

Featured image made with Dall.E, charts from Tradingview.com