Heightened interest in new crypto ETFs and a bullish pattern emerging have sent Ethereum higher in the past month. Inflows for current ETH ETFs are on the rise as the asset outpaces Bitcoin and other top crypto assets. As a result, Ethereum is up as much as 56% in the last 30 days and is poised to go higher.
Traders are closely watching technical levels and broader sentiment for clues on where the market may go next. Ethereum’s price soared from $2,468 at the start of the month to $3,862. Bloomberg’s Eric Balchunas likened Ethereum’s current trajectory to the rise of 90s tech stocks, driven by explosive adoption and investor excitement. Over a 19-day stretch in July, spot ETH ETFs pulled in $5.37 billion, including a single-day high of $727 million.
Most price forecasts have Ether testing new record levels in the coming month, with a return to $4k being the first step. Analysts at CoinCodex project ETH topping $4,000 in a matter of weeks, with $ 4,305.31 being the potential highest the asset can climb. Meanwhile, crypto analyst Ted Zhang suggests speculative headwinds have started to show effect, with ETH eyeing a new high of $4100 in the process. “I just can’t get over this Ethereum weekly chart that really extends back 4 years. With the stablecoin tailwinds, a fat pitch is coming over 4100.” The bullish Ethereum price prediction revolves around Wall Street using its services to extend fintech services.
Also Read: Ethereum Breaks Single-Month Record: Up 56% in Last 30 Days
Indeed, Ethereum is now Wall Street’s preferred choice for using blockchain technology to advance fintech to clients. Global giants like JP Morgan and Robinhood are using the layer-1 blockchain to make digital assets available to clients. JP Morgan is using Ethereum services to advance its stablecoin projects. Furthermore, Robinhood is leveraging it for tokenization, among others.
Besides CoinCodex, Changelly’s Ethereum ETH August Forecast projects the token to a new price spot of $4274 by the end of next month. If Ethereum ETFs or the token’s massive popularity continue to draw in volume, then ETH may surge even further than this.
