Ethereum’s price peaked at $4,878.26 USD in November of 2021. The price of the second-largest cryptocurrency project is down by 30% from 2021’s peak. ETH’s price has been undergoing a significant correction since this May.
According to X User “degentrading,” ETH is expected to reach the $6,000 mark by September. A price increase of almost 80% would be required to reach $6000. The analyst says ETH is the “decentralized global settlement layer/ world computer.”
Also Read: Spot Ethereum ETFs Could Receive SEC Approval as Early as July 4
Reuters reported that the Securities and Exchange Commission could approve Ethereum ETFs for launch by July 2024. Financial regulators approved 11 Bitcoin ETFs on the spot in January. The result was a price surge. BTC hit an all-time record of $73,737. The SEC’s approval of the ETF could lead to a pattern similar for ETH.
What is the highest Ethereum price in July?
ETH’s price is down by 12.6% compared to the previous month. Charts for 14-day and weekly time periods show a drop of 3.3%. BTC’s recent price decline is likely due to BTC remaining below $62,000. The price of Bitcoin dropped as miners liquidated their Bitcoin holdings.
Also Read: Ethereum ETF Demand to be Lower Than Bitcoin, Says Bernstein
CoinCodex data indicates that Ethereum prices will remain under $3500 at least until July 27, 2024.
Changelly Also, ETH price is expected to remain at current levels until at least the beginning of July.
Also Read: Ethereum: VC Founder Predicts 30% Fall After ETH ETF Goes Live
The forecast might change if ETH ETFs are launched. This asset could see an increase in the inflows of new investments, resulting in a breakout.
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Source: watcher.guru
