Crypto analyst Linda has made a bullish case for , predicting that the second-largest crypto token by market cap could rise to $4,000. The analyst also explained what could lead to such a price surge.
Why Ethereum Could Reach $4,000
In a shared on TradingView, Linda highlighted the potential approval of the as one factor that could trigger a move to $4,000 for Ethereum. She noted that the sentiment around these funds is positive, with traders waiting for news from the US Securities and Exchange Commission (SEC).
These Spot Ethereum ETFs are expected to be approved anytime soon based on predictions made by market experts, including . Similarly to Linda’s prediction, other crypto analysts like have predicted that the Spot Ethereum ETFs will spark a massive rally for Ethereum.
Meanwhile, from a technical perspective, Linda noted that Ethereum’s outlook is bullish and supports the crypto token’s potential rise to $4,000. She claimed that the trigger area for buyers was at $3,200. In line with this, she believes that further final of the price above the 200-day moving average and a breakout above $3,200 will “become the reason for strengthening,” with a potential price target between $4,000 and $4,800 in sight.
On local timeframes, Linda also stated that there are “prerequisites for a bullish mood,” especially on the daily timeframe, where the analyst noted that a rebound from strong support is forming. Based on her analysis, Linda claimed that the overall outlook for Ethereum points to a further rise to $4,000.
Ethereum’s Chart Identical To Bitcoin’s Before ETF Launch
recently mentioned that Ethereum’s chart is identical to Bitcoin’s before the launched. Based on this, the crypto analyst was suggesting that Ethereum could make a similar run to the one the flagship crypto enjoyed after the .
In another , the analyst stated that the Spot Ethereum ETFs would be approved, meaning that Ethereum’s price rally could already be on the horizon. ETH’s price surge is expected to happen thanks to the inflows the Spot Ethereum ETFs will record. Crypto research firm K33 these funds could attract as much as $4.8 billion in their first five months of trading.
also highlighted how these Spot Ethereum ETFs will spark a massive rally for Ethereum, stating that institutional investors will likely take a huge chunk of Ethereum’s dwindling supply once these funds begin trading.
At the time of writing, Ethereum is trading at around $3,300, up almost 5% in the last 24 hours, according to from CoinMarketCap.