Krutika Adani
Between the 15th and 16th of July, Ethereum's price increased more than 10% due to multiple bullish factors. The trading volume also saw a massive 50% jump to $18.5 billion.
The primary reason for the bullish up move was the nearing launch of Ethereum ETFs, which are expected this week on 18 July 2024.
Ethereum ETFs are expected to attract $5 billion in inflows within the first six months of their launch.
The notion of the markets being oversold attracted several investors who saw it as a quick way to make money.
As Ethereum gets ready for an ETF, its price may soon approach $4000 if the launch happens within this week. Otherwise, there could be a minor dip to $3200.