ETH/USD: Ether Stabilizes Around $2,000 After a 50% Plunge in Four Months. What Could Ignite a Surge? is the burning question for crypto traders. The second-largest cryptocurrency appears to be stuck in a range around the $2,000 mark. So, what could potentially spark a price uptick?
Having taken a beating with a 50% loss in value over the past four months, Ether is currently lingering around the $2,000 threshold. The weekend’s trading saw ETHUSD prices remain steady at this level, aided by low volume and liquidity. Despite this, the market remains tough and Ether’s value seems to be in hibernation.
Most significant developments from the crypto-friendly White House administration have been fully digested by the market. What’s needed now is a fresh catalyst to rekindle investor interest and give the crypto market a much-needed boost.
What might this catalyst look like? One potential driver could be guidance from the White House’s crypto guru, David Sacks. His crypto task force recently hosted a crypto gala attended by the President and leading figures in the cryptocurrency sphere. However, the event failed to stimulate buying interest. The market is now eagerly awaiting updates from Sacks and his team about their plans to broaden the industry’s reach and lower entry barriers for everyday consumers.
Ether’s performance is particularly sensitive to greater acceptance from both Wall Street and mainstream audiences. However, Ether’s nine dedicated exchange-traded funds (ETFs) have yet to attract significant investment. These ETFs, which exclusively hold Ether, have only managed to amass approximately $6 billion in assets under management since their launch in July last year. This pales in comparison to Bitcoin’s 11 ETFs, which collectively hold around $90 billion in investments. Nonetheless, Ether serves as a vital gateway to the world of decentralized apps (dApps) and non-fungible tokens (NFTs).
