Ethereum Price Within Reach of $4,000, Next Comes $5,000

Ethereum was the laggard among major cryptos, but with the ETH ETF approval, the Ethereum price has been surging this month. The first surge came after the announcement that SEC would approve the ETF, sending ETH/USD above $3,700. Now we’re seeing the second wave of buying which is pushing ETH toward $4,000, and I think that the upside momentum will continue in the months to come, with the US elections coming up.

Ethereum Daily Price Chart

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The daily chart indicates that Ethereum is in an upward trajectory. After a period of sideways trading, Ethereum experienced a spike on May 26 as buyers took control, suggesting that the recent upward momentum may continue. The price action shows potential for further gains, with a significant level to watch being the March 2024 highs around $4,100. A decisive close above this level could pave the way for new highs in 2024.

Ethereum Chart Daily – Buyers Resume Uptrend Soon

Currently, the next target for ETH is $4,000. However, the March highs of $4,093 present a notable resistance level, making this target challenging. The anticipated start of trading for ETHEREUM ETFs could act as a significant catalyst. Historical patterns suggest caution, as the launch of Bitcoin trading saw a “sell-the-fact” reaction, leading to a 20% decline. This pattern may repeat with Ethereum, so traders should be prepared for potential volatility.

Politically, the landscape is shifting in favor of cryptocurrencies. With the SEC’s reversal on the Ethereum ETF, prominent figures like Trump are now expressing support for cryptocurrencies. This political maneuvering is likely aimed at capturing the pro-crypto voting demographic ahead of the November elections. Given the narrow margins, this group could be crucial.

The approval of Ethereum ETFs will take some time to translate into actual trading, providing a window for further momentum to build. Investors should monitor these developments closely as they could significantly impact Ethereum’s price dynamics in the coming weeks and months.

Ethereum live Chart

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Skerdian Meta
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Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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