- Ethereum price continues to hover around the $1,800 range without signs of leaving. In fact, the altcoin faces more chances of going down to the $1,700 range.
- Many experts predict Ethereum might leave this price level once the Bitcoin spot ETF gets approval from the SEC.
Ethereum is the second largest cryptocurrency apart from Bitcoin. For the longest time, the Ethereum price continues to fluctuate between $1,800. Apparently, it is raising questions of whether the crypto will make any increase from this price. Well, many experts think it depends on Bitcoin spot ETF approval. An increase in investors’ sentiments will also play a significant role.
Ethereum Remains Within the $1,800 Range
- Ethereum continues to move around the $1,800 range without any signs of moving beyond it. There are even chances that the second apex cryptocurrency will go down beyond this price level.
- At the time of writing, Ethereum price stands at $1,824, with a price decrease of more than 1% in the past 24 hours. Moreover, it even gets worse by looking at the weekly and monthly charts. In the past seven days, Ethereum’s price continues to be down by more than 2%. In the monthly charts, the price is down by more than 5%.
- One can see in Ethereum price charts the bears continue to dominate. Leaving less room for the bulls. Furthermore, investors’ positive sentiments are down. At this rate, many crypto enthusiasts are asking when the token will move beyond $1,800.
When Will Ethereum Price Leave the $1,800 Level?
- Many things have to be in place for Ethereum to move beyond the $1,800 range. Apparently, the market sentiments are poor. The investors in the market are tired of the ups and downs in the market. And as such, many prefer to sell out and buy at a much lower price. In other words, these investors are shorting Ethereum in large numbers. Recently, a whale transferred over $35 million worth of ETH tokens to a Coinbase wallet. Such an amount of funds usually means selling out.
- For Ethereum to move forward, they need to change the sentiments in the market. Investors need to up their market activity on the positive by buying more of the token instead of selling out. Moreover, the more ETH whales sell out, the more the token dumps in price.
- Secondly, other market conditions need to work in favor of Ethereum to move beyond the $1.8k range. One of them is the pending issue of spot Bitcoin ETF approval. Yes, Bitcoin price directly affects Ethereum. The SEC already moved the approval date to March 2024. So, any updates regarding its approval will be by next year. In the same way, Ethereum price moving beyond $1,800 will depend on spot Bitcoin ETF approval.
Conclusion
Wrapping up, Ethereum hasn’t done very well in the market. Many investors who aren’t doing day trading will be in massive losses. For instance, for investors who bought last month without trading the token, their losses will be huge. Now the question is when will Ethereum price leave the $1,800 range? The answer lies in the change in market sentiments and the Bitcoin spot ETF approval.
