Ethereum hit an all-time high of $4,878.26 in November 2021. The second-largest crypto project’s price has fallen by over 30% from its 2021 peak. ETH has also undergone a major price correction since May of this year.
According to X user “degentrading,” ETH could hit the $6000 mark in September of this year. Reaching $6000 from current price levels would translate to a rally of nearly 80%. The analyst calls ETH the “decentralized global settlement layer/ world computer.”
Also Read: Spot Ethereum ETFs Could Receive SEC Approval as Early as July 4
Reuters reports that the Securities and Exchange Commission may approve Ethereum exchange-traded funds for launch as early as July 2024. The financial regulator approved 11 spot Bitcoin ETFs in January, leading to a significant price rally. BTC hit a new all-time high of $73,737 in March. A similar pattern may emerge for ETH if the SEC approves the ETF launch.
How high can Ethereum go in July?
ETH is down 12.6% from the previous month, 3.3% in the 14-day charts, and 5.6% in the weekly charts. The recent decline in price is probably the result of BTC staying below $62,000. Miners sold off their holdings, which caused a decline in the price of Bitcoin as the average cost of mining one coin topped $86,000.
Also Read: Ethereum ETF Demand to be Lower Than Bitcoin, Says Bernstein
CoinCodex data suggests Ethereum will continue to trade below $3500 till at least July 27, 2024.
Changelly also predicts ETH’s price to consolidate at around its current levels till at least early July.
Also Read: Ethereum: VC Founder Predicts 30% Fall After ETH ETF Goes Live
The forecast may change if the ETH ETFs make their debut. The asset may see a rise in inflows from the new investment vehicle, leading to a breakout.