Is Ethereum Able to Reach $4,000?
As the crypto market builds momentum, it looks like Ethereum (ETH) is headed all the way to 4k.
Ethereum has been bullish for almost all of February, and Monday morning saw the coin gain another 3.43% to reach $3,536 (ETH/USD). The trade volume for the coin is up 61% over the previous day, and it looks like the sky is the limit for Ethereum.
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There is concern that the crypto bubble is about to burst, though. With bullish trends across much of the market and continuing now for an entire month, it could be time for investors to pull out before it all collapses. That is the fear that some analysts are confessing.
Over the last week, Ethereum has gained 14%. It has the potential to go much higher, with many traders expecting $4k in the near future. That would only be a gain of 13%, which is not unreasonable to expect, especially with how bullish Ethereum and the wider crypto market has been recently.
Factors to Consider
Yes, the crypto market is fading well, but it could very well be on the cusp of bursting. Bullish trends do not tend to continue for so long, especially when the global market is still making a slow recovery from recession. While the crypto market looks healthy, it could be going through a phase of chancy investments that traders are hoping will pay off in the short term. Once those investments do pay off, many traders may pull out to put the money into safer bets.
If Ethereum continues as it is, though, it could easily pass $4,000 in the next few days and make its way to $5k or $6k before the year is up. Traders should look for statements from the Federal Reserve later this week on interest rate cuts and inflation, as that will inform the market.
Also watch global economic data, which is mildly promising at the moment, but not overwhelmingly so.
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