Ethereum prices rose 12.5% ​​between July 12 and July 15, but the upward momentum stalled at a strong resistance level of $3,500. Despite the approval of two additional spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Ethereum prices pulled back to $3,400 on July 18. Despite this positive development, Ethereum’s derivatives market showed little signs of excitement.
Analysts predict Ethereum price will reach $5,000, but is it realistic?
The SEC has given preliminary approval to at least three issuers to begin trading spot Ethereum ETFs starting July 23. A total of eight spot Ethereum ETFs are awaiting final regulatory approval after the fund's S-1 filing is revised. Bitwise Chief Investment Officer Matt Hougan expects the price of Ethereum to reach $5,000 by the end of 2024, citing its low equivalent inflation rate, low cost for validators, and 28% of the supply locked in staking as reasons.