👀 ETH/BTC Price Prediction: When Is Ethereum Price Poised Reach $4,200?
📈 Ethereum Price Surge
Ethereum jumped 8% over the weekend, dipping to $3,362 before climbing. By Monday, ETH hovered around $3,586, marking a 1.2% 24-hour increase but a 2.7% drop over the past week. Meanwhile, Bitcoin remained in a consolidation zone, awaiting a directional move.
🔍 ETH Price Prediction: Bulls vs. Bears
Last week, ETH fell continuously for 8 days from $3,878 to $3,362, breaking critical support at $3,650. Bulls utilized strong support between $3,400 and $3,250 to start an uptrend. ETH now faces a challenge breaking above the $3,600 resistance. If successful, prices could rise to $4,216, with resistance at $3,800 and $3,900.
📊 Bitcoin at Crucial Support
Bitcoin is trending around key support at $65,000. A clean break below could drop BTC to $57,000, but strong support could push it to $72,500 or higher, potentially reaching new all-time highs.
📢 Spot ETF Approval Anticipation
SEC Chair Gary Gensler hinted at a likely Ethereum ETF approval by the end of summer, possibly causing the weekend price reversal. Ethereum blob usage has been rising, improving Layer 2 transaction efficiency and reducing congestion.
📝 Bottom Line
Spot ETFs historically boost crypto prices. As summer ends, the market watches for Ethereum Spot ETF approval. Investors are in a "buy-the-rumor" phase, anticipating ETF approval.
