Analysts expect Ethereum's price to surge to $5,000 soon after ETF approval.
Analyst predicts Ethereum may briefly dip to $4,000 before hitting new highs.
Analyst holds both Solana and Ethereum, showing confidence in both.
Bitcoin has been reaching new heights since surpassing its November 2021 peak last week. This bullish trend in the leading cryptocurrency is positively influencing the entire market. With the approval of an Ethereum ETF expected soon, many analysts predict Ethereum’s price could soon climb to $5,000.
Here’s everything you should know.
What’s Ethereum’s Next Move?
A well-known cryptocurrency analyst recently tweeted insights on Ethereum’s (ETH) potential price movements. They suggested a brief pullback to around $4,000 before ETH surges to new all-time highs. The analyst is confident that an Exchange-Traded Fund (ETF) for Ethereum would push its price beyond previous peaks.
Road to $5,000
According to the analyst, although there might be some bumps along the way, reaching an all-time high (ATH) of $5,000 seems inevitable for Ethereum.
Notably, the analyst also disclosed holding positions in both Solana (SOL) and Ethereum (ETH), emphasizing a non-tribalistic approach to investments. This suggests a balanced portfolio strategy, indicating confidence in the potential of both cryptocurrencies to deliver favorable returns.
Technical Analysis: Ethereum’s Performance
The price of Ethereum, monitored on the weekly chart, encountered a slowdown at $3,705, aligning with Fib 0.786 from its recent bearish trend. This level contributed to a decrease in Ethereum’s bullish momentum due to a corrective phase.
As of now, Ethereum trades at $3780, marking a week-long surge of 28.4%. However, its 24-hour trading volume declined by 18% to $32 billion, with a market cap of $449 billion.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.