Market Analysis

Ethereum Price Speculated To Reach $4k Soon After Recent Hard Fork.

Cryptocurrency investors are assuming gains in Ethereum [ETH] and Bitcoin [BTC] on 5th Aug. after the successful launch of Ethereum’s London hard fork and a series of latest Bitcoin ETF [Exchange-Traded Fund] filings, leading to a rally that propelled BTC’s price 9% higher and caused Ether to gain over 11.75%, that pushed the altcoin closer to the exclusive $3k level.

Data from CoinMarketCap and TradingView outline that after an early morning sell-off that saw BTC fall to $37,280 USD, the bulls stepped in, and therefore ensuring a high volume spike was sent BTC price to an intraday high of $40,775 USD.

Ethereum Price Speculated To Reach $4k Soon After Recent Hard Fork.

Recent comments from U.S. SEC [Securities and Exchange Commission] Chair Gary Gesler about the viability of a Bitcoin ETF were followed by several new ETF apps being filed on 5th Aug., and investors are hopeful that the prospect of approval has increased.

Ethereum Price Speculated To Reach $4k Soon After Recent Hard Fork.

Regarding the present bull run price action, analyst Will Clemente referred the subsequent chart to point out BTC’s past performance and opined that “This would be a key level [$54k and rising] to observe for confirmation/rejection [2013 vs. 2017 reaction].”

Ethereum Price Speculated To Reach $4k Soon After Recent Hard Fork.

Clemente outlined:

“In my opinion, this is a key level [$54K & rising] to observe for confirmation/rejection. [2013 vs. 2017 reaction]”

At the reporting time. the overall cryptocurrency market capitalization now stands at $1.66 trillion, and Bitcoin’s dominance rate is around 45.6%.

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