jakiro
Author: Ciaran Lyons, CoinTelegraph; Compiled by: Deng Tong, Bitchain Vision
Traders said Ethereum price fell to $3,209 and is now in the “buy” range, but warned that this may not last once the “huge” impact of exchange-traded funds (ETFs) take effect.
“There are two main buying areas,” Sheldon The Sniper, anonymous cryptocurrency trader, told her 490,300 X fans in a July 24 X post.He pointed out that$3,300 and below are the current buying areas,and added that the $3,097 buy area is over.
Sheldon further predicts,Ethereum may reach $4,000 in the next week or two,Reiterate that the two entry points they suggest are “the entry point where you ride them to the next all-time high.”
Ethereum has dropped 7.68% from $3,469 in the past 24 hours.Source: CoinMarketCap
Ethereum price has fallen below the highly-watched $3,500 mark, which has been fluctuating around the mark since March 1, after spot Ethereum ETF trading debuted with net inflows of $107 million.
However, futures traders expect prices to fall sharply after Ethereum ETF trading debuts.According to CoinGlass, a 7.68% drop liquidated a short position of $42.53 million, and a long position of just $2 million.
In the past 24 hours, Ethereum has cleared $9.89 million more than Bitcoin.Source: CoinGlass
Analysts expect Ethereum price to rise sharply
Michael van de Pope explained in a July 24 analyst report,Ethereum will experience “huge” price volatility due to ETF capital inflows, similar to the price of Bitcoin that jumped from $40,000 to $70,000 after the launch of the Bitcoin ETF.
Van de Pope also does not rule out the possibility that Ethereum’s price will double in the short term.
“It is likely that some people speculate that Ethereum’s price will rise from $3,500 to $7,000-$7,500,” he said.He added, and predicted the consequences of the ETF rollout could lead to short-term volatility.
“The downward momentum of one to two weeks will continue before Ethereum really soars to an all-time high.”
Pav Hundal, chief market analyst at Swyftx, recently pointed out that he believesThe “near-term target” is Ethereum reaching its all-time high of $4,890 in November 2021.
