Ethereum Finding Support Level at $3K as Bitcoin Halving Approaches
The cryptocurrency market is eagerly awaiting Bitcoin halving to see what will happen to the values of key cryptocurrencies.
Ethereum (ETH) is up today but has lost much of its recent gains. The coin is hanging close to the $3K mark with a price of $3,076 (ETH/USD). For now, the coin is down 15% over the last month. That mirrors Bitcoin’s performance over the last 30 days as well- slightly up today, but significantly down overall.
Both coins have been struggling lately and may continue to do so unless the halving can inject some momentum into them. Ethereum’s trade volume is dipping, down 9% from the previous day, and many investors seem to be adopting a stance of wait and see what happens after the halving.
How Ethereum Could Hit $4,000 This year
If the ETH price is going to make it to $4,000 in 2024 as many industry insiders say, then a few key factors will have to work in its favor. The first of those is Bitcoin’s halving, which could give Bitcoin, Ethereum, and many other crypto coins a significant boost.
Next, ETF approval for Ethereum could help it along as well, making Ethereum seem more stable, at least in one of its forms. ETF approval is still pending in some parts of the world, but a number of countries have approved ETFs already. The latest of those was Hong Kong, which gave the legal nod to ETFs on Monday. Because ETF approval is an ongoing process, we could see major ramifications for Ethereum all throughout the year from this sector.
There are also a number of cryptocurrency regulations in the pipeline that could be approved or denied, and these are proposed laws from many different countries. If some of those are passed in favor of crypto currency, Ethereum will be able to enjoy some positive press and greater consumer confidence.
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