The news reported by CoinCodex:
Ethereum hit a historic high of $4878.26 in November 2021. The price of the second largest cryptocurrency project has dropped by more than 30% from its peak in 2021. Since May of this year, ETH has also experienced a significant price adjustment.
According to user “degentrading,” ETH may reach the $6000 mark in September of this year. Reaching $6000 from the current price level would mean an increase of nearly 80%. The analyst referred to ETH as a “decentralized global settlement layer/world computer.”
In addition, please read: The earliest possible approval date for a spot Ethereum ETF is July 4th, as reported by Reuters.
The U.S. Securities and Exchange Commission may approve the launch of an Ethereum exchange-traded fund 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 U.S. Securities and Exchange Commission approves the launch of an ETF, ETH may experience a similar pattern.
How high can Ethereum rise in July?
ETH has dropped by 12.6% compared to last month, 3.3% in the 14-day chart, and 5.6% in the weekly chart. The recent price drop may be a result of BTC staying below $62000. Miners sold off their assets, leading to a drop in the price of Bitcoin, as the average cost of mining a coin exceeds $86000.
In addition, please read: Bernstein suggests that demand for Ethereum ETF will be lower than for Bitcoin.
CoinCodex data shows that the trading price of Ethereum will continue to be below $3500 at least until July 27, 2024.
Changelly also predicts that the price of ETH will stabilize near the current level at least until early July.
In addition, please read: Ethereum: VC founder predicts a 30% drop after the launch of ETH ETF.
The forecast may change if the ETH ETF makes its first appearance. The asset may see an increase in funds from new investment tools, leading to a breakthrough.