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Will Ethereum reach $4000 before the end of July?
The price of Ethereum surged by 26% last week, partly due to the United States passing the key cryptocurrency legislation known as the "Genius Act," and partly because the market is starting to shift towards investing in cryptocurrencies other than Bitcoin.
According to cryptocurrency analyst Ali Martinez, large investors in Ethereum have purchased over 500,000 ETH in the past two weeks. Some analysts believe this indicates that major holders have strong confidence in Ether, as historically, such buying behavior typically occurs before significant price fluctuations or ecosystem developments.
Tom Lee, Chief Information Officer of Fundstrat Capital and Chairman of Bitmine Immersion Technologies, further pointed out that Ethereum is now Wall Street's preferred blockchain infrastructure.
He added that the tokenization plans of JPMorgan and Robinhood are both based on Ethereum, indicating that traditional finance is gradually aligning with Ethereum. Currently, Ethereum holds over 60% of tokenized real-world assets, and he predicts that this number will continue to grow.
Lee also believes that if the market value of stablecoins surpasses the $2 trillion mark as predicted by U.S. Treasury Secretary Basant, the usage of Ethereum could increase exponentially.
Bullish sentiment
Lee cited a study by Fundstrat's head of technical strategy, Mark Newton, predicting that the price of Ether will reach $4,000 by the end of July, implying an increase of about 7% from the current price of $3,744.
He also stated that based on the current situation and valuation models, the price of Ethereum is expected to reach between $10,000 and $15,000 by the end of the year.
Data shows that since the beginning of July, the balance of Ether on exchanges has decreased by over 317,000 coins, reflecting strong confidence among holders in the token. Such an aggressive trend is seen by analysts as a clear signal that the price will soon break through the $4,000 mark.
The rebound of Ethereum will be astonishing. Most altcoins have dropped between 50% to 80% from their highs at the end of last year, which indicates significant room for growth. Ethereum is the first cryptocurrency to rise and has nearly returned to its peak position, but it still has great potential for further increases.