The expert believes that this week the attention of investors and traders will shift somewhat towards ETH. The price of the second-largest cryptocurrency by market capitalization reached $4,000 due to active inflows from institutional investors. Additionally, a record amount of investments flowed into traded funds over the past 7 days, leading to an increase in the value of the Ethereum token.
A strong market momentum driven by the activity of large investors and expectations of a rate cut by the U.S. Federal Reserve could lead to a significant flow of funds into alternative assets. Therefore, as our interlocutor believes, the ETH rate could reach the range of $4,200-$4,600 this week. In this case, Sean Yang is confident that the market will plunge into the long-awaited altcoin season.
Recall that the absolute maximum for Ethereum was recorded on November 16, 2021, at $4,891. At the time of writing this review, the cryptocurrency is trading 12% lower.
The expert also does not rule out the possibility of Bitcoin reaching an absolute maximum this week. He believes that the cryptocurrency could fluctuate between $115,000-$125,000. Recall that the absolute maximum for Bitcoin was recorded on July 14 at the level of $123,091. At the time of writing this review, the cryptocurrency is trading just 0.73% lower.
Ryan Lee, the chief analyst at Bitget, spoke about the long-term prospects of cryptocurrencies. In his opinion, Bitcoin is likely to trade in the range of $115,000–$140,000 in the near term, while Ethereum may rise to $4,000–$4,600.
“The recent rise of ETH to $4,000 demonstrates strong momentum in the market. A stable influx of funds into ETFs strengthens investor confidence, and the expected rate cut by the Federal Reserve in September will improve liquidity and support high-risk assets, which could provoke further altcoin rallies,” noted our interlocutor.
Corporate adoption of cryptocurrencies, noted Ryan Lee, remains a powerful growth factor. More and more public companies are adding digital assets to their balance sheets.