The crypto market experienced extreme turbulence over the past 24 hours. Bitcoin (BTC), the leading cryptocurrency, plummeted to a new low of $53,700 on July 5.
The market-wide sell-off intensified following reports that Mt. Gox, the infamous collapsed crypto exchange, transferred over 47,000 BTC, worth approximately $2.6 billion, to a new wallet preparing for a payout of about 142,000 BTC.
On July 5, during Asian trading hours, the Mt. Gox trustee confirmed the exchange had made repayments in Bitcoin and Bitcoin Cash to some rehabilitation creditors. The ripple effect of this panic selling spread across the altcoin market, leading to pronounced declines.
Ethereum (ETH), along with nearly all top ten altcoins, crashed by 10-20%, with Ethereum losing the crucial support level of $3,000, marking the biggest decline since the FTX crash. According to Coinglass data, over the past 24 hours, 221,704 traders have been liquidated, with Bitcoin’s total liquidations reaching $200 million and Ethereum’s around $160 million.
Despite this turmoil, BTC showed some recovery, trading around $55,400 as of July 5. However, Ethereum hasn’t been as fortunate, trading below $3,000 at $2,940, marking a 6.75% decline in the last 24 hours and approximately 15% over the week.
What’s next for Ethereum?
Ethereum’s future looks busy and potentially transformative. One of the most anticipated developments is the launch of Ethereum-based spot exchange-traded funds (ETFs). Asset manager Bitwise has recently filed an amended S-1 form for an Ethereum ETF, indicating these products are almost ready for launch.
James Seyffart, a Bloomberg ETF analyst, mentioned the positive sign of Bitwise’s amended S-1 form. He expects more issuers to follow suit soon, predicting these ETFs might trade as early as next week or the week of July 15.
This move comes after the SEC approved 19b-4 forms for eight spot Ethereum ETFs on May 23, including Bitwise. However, their S-1 statements must become effective as part of a two-step regulatory process. Eric Balchunas, another senior Bloomberg ETF analyst, noted the SEC’s delay in approving these ETFs despite minimal comments received, suggesting possible reasons for the delay.
The introduction of Ethereum ETFs is crucial as it allows more investors to gain exposure to Ethereum without directly buying the cryptocurrency. However, given the current market uncertainties, it remains uncertain how impactful these ETFs might be on Ethereum’s price.
Experts take on what is brewing?
Following recent market turmoil, experts have shared insights into what may lie ahead for Ethereum and the entire crypto market. Ali, a crypto analyst, mentioned a significant capital outflow from the market, indicating waning investor confidence.
Ali discussed the current crypto cycle, mentioning the approval of Bitcoin ETFs, the rise of meme coins, and celebrities launching their altcoins, pondering whether the market has peaked. He suggested that BTC needs to surpass $61,000 for the bull run to resume.
Peter Schiff, a prominent crypto critic, expressed concerns about Ethereum breaking key support levels and trading below $2,900, predicting a potential crash to $1,500. Michaël van de Poppe, another crypto analyst, noted that Ethereum has hit its lowest Relative Strength Index (RSI) on the daily chart since August 2023, indicating stark market capitulation.
Contrarily, another crypto analyst offered a more optimistic view, acknowledging that while the current pullback is challenging, it remains minor compared to previous cycles.
Ethereum price prediction: a bounceback possible?
As we look ahead, many experts have shared their Ethereum predictions for the coming years.
Ethereum price prediction 2024
Digitalcoinprice forecasts that Ethereum’s price could range from a minimum of $2,648.22 to a maximum of $6,412.82, with an average price of $6,166.53. Coincodex predicts Ethereum’s price might rise by 4.10% to around $3,005.95 by August 4.
Ethereum price prediction 2025
In 2025, Digitalcoinprice expects ETH to see further growth, predicting prices between $6,343.49 and $7,643.08, with an average price of $7,511.09. Coincodex estimates ETH could fluctuate between $2,887.55 and $6,579.89.
Ethereum price prediction 2030
By 2030, Digitalcoinprice forecasts Ethereum could reach between $19,899.44 and $21,831.38, with an average price of $20,751.58. Coincodex predicts prices ranging from $6,378.65 to $11,950.
When considering these ETH price predictions, it’s crucial to do your own research and never invest more than you can afford to lose. The crypto market is highly volatile, with many factors influencing prices.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
FAQs
Is Ethereum a good investment?
Ethereum has strong potential due to its wide use in smart contracts and decentralized applications. However, it’s also highly volatile. You should consider your risk tolerance and investment horizon, and always do your own research before investing.
Will Ethereum go up or down?
Ethereum’s price is influenced by various factors including market sentiment, tech developments, and regulatory news. While some experts predict growth, others foresee possible declines. It’s essential to stay updated with the latest trends and ETH outlook.
Should I invest in Ethereum?
Investing in Ethereum depends on your financial goals and risk tolerance. It has high potential but also large risks. Diversifying your investments and never investing more than you can afford to lose are key principles to follow. Ethereum potential is high, but so is the risk.
How high can Ethereum go?
Predictions vary widely. Digitalcoinprice forecasts Ethereum could reach up to $21,831.38 by 2030, while Coincodex offers more conservative estimates. The actual price will depend on many factors, including technological advancements and market conditions.
Will Ethereum recover?
Experts have mixed opinions on Ethereum expectations. Some believe it will bounce back due to its strong fundamentals, while others are cautious. Historically, Ethereum has recovered from downturns, but past performance is not a guarantee of future results.
