Prediction: This Will Be Ethereum's Next Big Move
The year started off great for Ethereum (CRYPTO: ETH), which soared from a price of $2,350 in January to more than $4,000 by mid-March. But ever since then, it's been a very disappointing year for investors in the cryptocurrency. The price of Ethereum seems to keep falling, and is now trading at about $2,500 as we head into September.
So where does Ethereum go from here? Although there are a lot of naysayers out there, convinced that Ethereum still has further to fall before reaching market equilibrium, my prediction is that the next big move for this crypto will be a return to the $4,000 level. Here's why.
The starting point for any discussion about Ethereum's price has to be the new spot Ethereum exchange-traded funds (ETFs), which officially started trading on July 23. The current narrative is that they have been hugely disappointing. In fact, according to some estimates, cumulative outflows were running as high as $92 million per week during mid-August. Even the most popular of the new spot ETFs posted five straight days of outflows at one point.
Source Fool.com
