Despite a Drop, Ethereum Is Still High

Ethereum (ETH) remains elevated after today’s 2.98% decline down to $3,840 (ETH/USD). The coin is enjoying a slight trade volume increase from the day before.

For the last week, Ethereum has gained just over 1%, inching its way closer to $4,000. For 2024, Ethereum has gained an incredible 63%, climbing to its present value from $2,350. This has been an outstanding year for this particular crypto token and the wider crypto market as well.

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Ethereum is high off the news that spot ether ETFs are fully approved by the US Securities and Exchange Commission. Even when there were just rumors swirling that the ETFs would be approved, Ethereum was gaining ground quickly. Now that the approval has gone through, there is no telling how high ETH might go.

Ethereum Looking Bullish

The bulls have been helping Ethereum move right along, and the coin may hit $4,000 very soon, which would prove to be a psychologically important milestone that could help Ethereum go even higher.

Analysts say that Ethereum’s price has not fully reacted to the approval, which occurred last week, and that we could still see bullish movement from that news very soon.

Ethereum will struggle from the impact of high inflation, though, as that economic issue has been a thorn in the side of the crypto market for much of the year. Many price predictions have come and gone, with crypto tokens like Ethereum not hitting the expected targets simply because inflation has been elevated and sticky.

We could still see Ethereum go much higher in the near future, even if inflation does not ease. There are enough factors in ETH’s favor for the price to soar, including a strong year so far, ETF approval, and positive public opinion on Ethereum.

Ethereum will be partially dependent on Bitcoin’s (BTC) performance, though, and if Bitcoin surges soon, Ethereum is likely to follow.

 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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