The Ethereum reached a historic high of $4878.26 in November 2021. The price of the second largest cryptocurrency project has dropped by over 30% from its peak in 2021. Since May of this year, ETH has also experienced a significant price adjustment.
According to user “degentrading,” ETH could hit the $6000 mark in September of this year. Reaching $6000 from the current price level would mean an increase of nearly 80%. The analyst refers to ETH as a “decentralized global settlement layer/world computer.”
Additionally, a report by Reuters suggests that the U.S. Securities and Exchange Commission (SEC) could approve an Ethereum exchange-traded fund (ETF) as early as July 2024. The financial regulatory agency approved 11 bitcoin spot ETFs in January, leading to a significant price increase. BTC hit a historic high of $73737 in March. If the SEC approves the ETF launch, ETH may experience a similar pattern.
ETH has dropped by 12.6% compared to last month, 3.3% in the last 14 days, and 5.6% in the last week. The recent price drop may be a result of BTC staying below $62000. Miners sold their assets, causing the price of bitcoin to drop, as the average cost of mining one coin exceeds $86000.
According to CoinCodex data, Ethereum’s trading price will continue to be below $3500 at least until July 27, 2024. Changelly also predicts that the price of ETH will remain stable near the current level at least until early July.
If the ETH ETF makes its debut, the predictions might change. The asset could see an influx of funds from new investment tools, potentially leading to a breakthrough.
