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Analyst: ETH May Break $5000 in the Next Month
BlockBeats News, July 30th, according to Decrypt's report, despite Bitcoin experiencing a pullback, Ethereum's price remains strong. Analysts point out that this week's favorable market conditions may accelerate its upward trend, pushing it to $5000. Several bullish fundamentals are at play, including: the potential approval of a U.S. Ether ETF with open staking, significant inflows into existing ETFs, and an increasing number of digital asset treasuries buying Ethereum.
Although the overall market sentiment is optimistic, Republic Technologies CEO Daniel Liu stated that it is still uncertain which pullback will truly break the $4000 mark. He noted that the "leveraged buying demand near $3500" and the "significant selling pressure near $4000" could lead Ethereum to remain range-bound in the short term.
However, Daniel Liu mentioned that despite the short-term uncertainty, the market is poised for a "short squeeze." A series of "favorable macroeconomic news" could disrupt the balance, catalyzing intense market volatility and subsequently propelling Ethereum to "break $5000 in the next month." These potential catalysts include: whether the Federal Reserve will decide to keep interest rates unchanged this Wednesday and the market's sustained enthusiasm for risk assets dominated by U.S. tech stocks and the AI sector, where valuations in the AI field have surged significantly.
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