The second-largest cryptocurrency, Ethereum, has been struggling to surpass the $5000 mark despite the launch of spot ETFs. Here are some reasons why Ethereum’s price has been facing challenges:
1. Spot Ethereum ETFs have not attracted as much investor interest as Bitcoin ETFs, leading to a downward trend in Ethereum’s price.
2. Concerns about the sale of Ethereum coins seized from the PlusToken scheme by the Chinese government have triggered market speculation and could delay the price rally.
3. The issuance rate of Ethereum has hit a two-year high, indicating increased inflation and downward pressure on the coin price.
4. The complexity of Ethereum’s narrative compared to Bitcoin’s may make it harder for traditional investors to understand its value.
Analysts predict a potential 13% correction in Ethereum’s price, which could drop to a support level of $2104. However, if buyers are able to sustain the $2000 level, a post-reversal rally could push the price to $4200.
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