Markets
Ethereum price could potentially surpass $10,000 amid market dynamics
The price of Ethereum could potentially rise, perhaps surpassing $10,000, says cryptocurrency expert Ash Crypto. This prediction is based on recent market changes and developments in the cryptocurrency world, shared by Ash Crypto in a tweet on Platform X.
But what drives this bullish forecast? Dive deeper to discover recent market dynamics and developments fueling Ethereum’s exciting future!
The market is changing, folks!
Recently, over $1 billion worth of Ethereum was withdrawn from Coinbase, marking the largest Ethereum withdrawal from the exchange this year. This significant outflow of 336,000 ETH, worth approximately $1.209 billion, suggests that holders are moving their assets to private wallets or other platforms. Such a large pullback usually means reduced immediate selling pressure, as holders often opt for long-term storage, leading to price stability or even increases.
Ethereum supply at eight-year low
The amount of Ethereum held on centralized exchanges is now at its lowest point in eight years. This reduced supply on exchanges could lead to a more stable market and potentially higher Ethereum prices. With less ETH available for immediate sale, the chances of a price surge increase, especially if demand remains high.
Next Spot ETF on Ethereum
Adding to the positive outlook, an Ethereum Spot ETF is expected to begin trading soon. An ETF allows investors to gain exposure to Ethereum without purchasing and holding the cryptocurrency directly. This could attract more institutional and retail investors, further increasing demand and, consequently, the price.
Recent price movements
Just before The US SEC has given the green signal to Ethereum Spor ETFs, the price of Ethereum has seen a notable increase. On May 20, 2024, we saw a long green candle, where the opening price was $3,069 and the closing price was $3,662. This trend continued until June 11, when we saw a red candle, taking the price up to the $3,500 level.
Currently, The price of Ethereum is $3,526.3. In the last seven days, Ethereum has recorded a change of -7.9%, but the 30-day change is positive of +21.1%. These fluctuations show the dynamic nature of the cryptocurrency market.
Read also: Historical trends suggest that Altcoins will peak in October 2025, 546 days after the halving
Would you consider investing in Ethereum based on this news? Share your investment strategies!