Top Reasons Why Ethereum Price Could Break $10,000 Soon

Top Reasons Why Ethereum Price Could Break $10,000 Soon

The post Top Reasons Why Ethereum Price Could Break $10,000 Soon appeared first on Coinpedia Fintech News

Ethereum’s price could potentially soar, possibly exceeding $10,000, says cryptocurrency expert Ash Crypto. This prediction is based on recent market changes and developments in the cryptocurrency world, shared by Ash Crypto in a tweet on the X platform.

But what’s driving this bullish prediction? Dive deeper to uncover the recent market dynamics and developments fueling Ethereum’s exciting future!

The Market is Shifting, Folks!

Recently, over $1 billion worth of Ethereum was withdrawn from Coinbase, marking the largest single withdrawal of Ethereum from the exchange this year. This significant outflow of 336,000 ETH, valued at approximately $1.209 billion, suggests that holders are moving their assets to private wallets or other platforms. Such a large withdrawal usually means reduced immediate selling pressure, as holders often choose long-term storage, leading to price stability or even increases.

Ethereum Supply at an Eight-Year Low

The amount of Ethereum held on centralized exchanges is now at its lowest point in eight years. This reduced supply on exchanges could lead to a more stable market and potentially higher Ethereum prices. With less ETH available for immediate sale, the chances of price surges increase, especially if demand remains high.

Upcoming Spot Ethereum ETF

Adding to the positive outlook, a Spot Ethereum ETF is expected to start trading soon. An ETF allows investors to gain exposure to Ethereum without directly buying and holding the cryptocurrency. This could attract more institutional and retail investors, further increasing demand and, consequently, the price.

Recent Price Movements

Just before the US SEC gave green signal to the Ethereum Spor ETFs, the price of Ethereum had seen a major boost. On 20th May, 2024, we saw a long green candle, in which the opening price was as low as $3,069 and the closing price was as high as $3,662. That trend continued till 11th June, when we saw a red candle, bringing the price down to the mark of $3,500. 

Currently, Ethereum is priced at $3,526.3. Over the past seven days, Ethereum has experienced a -7.9% change, but its 30-day change is a positive +21.1%. These fluctuations show the dynamic nature of the cryptocurrency market.

Also Read : Historical Trends Suggest Altcoins Will Peak in October 2025, 546 Days Post-halving

Would you consider investing in Ethereum based on this news? Share your investment strategies!