Cryptocurrency analyst Linda presented bullish arguments in favor of Ethereum (ETH)predicting that the second largest crypto token by market capitalization can go up to $4,000The analyst also explained what could lead to such a price augment.
Why Ethereum Could Hit $4,000
IN fasting shared on TradingView, Linda highlighted the potential acceptance Spot Ethereum ETFs as one factor that could trigger a move to $4,000 for Ethereum. She noted that sentiment around these funds is positive, with traders awaiting news from the U.S. Securities and Exchange Commission (SEC).
These Spot Ethereum ETFs are expected to be approved in the near future, based on predictions from market experts including Bloomberg analyst James SeyffartSimilar to Linda’s predictions, other cryptocurrency analysts such as Michael van de Poppe predicted that Ethereum Spot ETFs would trigger a massive rally in Ethereum.
Meanwhile, from a technical perspective, Linda noted that Ethereum’s outlook is bullish and supports a potential rally for the crypto token to $4,000. She claimed that the trigger area for buyers is $3,200. In line with this, she believes that further final consolidation A price break above the 200-day moving average and a break above $3,200 would “become a reason for reinforcement,” with a potential price target in the range of $4,000 to $4,800.
On the local time frame, Linda also stated that there are “preconditions for a bullish sentiment,” especially on the daily time frame, where the analyst noted that a bounce from a forceful support is forming. Based on her analysis, Linda stated that the overall outlook for Ethereum points to further growth towards $4,000.
Ethereum chart is identical to Bitcoin’s chart before the ETF launch
Crypto Rover Cryptocurrency Analyst I recently mentioned that Ethereum’s chart is identical to Bitcoin’s chart before Spot Bitcoin ETF launched. Based on this, the cryptocurrency analyst suggested that Ethereum could achieve similar success to the flagship cryptocurrency product after Bitcoin ETFs Approved.
In another Posts Xanalyst stated that Spot Ethereum ETFs will be approved, which means that Ethereum price growth may already be on the horizon. The ETH price growth is expected to come thanks to the inflows that Spot Ethereum ETFs will see. Cryptocurrency research firm K33 predicts these funds could raise as much as $4.8 billion in the first five months of trading.
Cryptocurrency analyst Leon Waidmann He also highlighted that these Spot Ethereum ETFs will trigger a massive rally in Ethereum prices, stating that institutional investors will likely grab a significant portion of the dwindling Ethereum supply once these funds start trading.
At the time of writing, Ethereum is trading at around $3,300, up almost 5% in the past 24 hours, according to data data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
