{"id":280287,"date":"2024-04-09T20:09:25","date_gmt":"2024-04-09T14:39:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/can-eth-hit-4000-this-week-as-erc20-assets-pace-up-8-crypto-news\/"},"modified":"2024-04-09T20:10:46","modified_gmt":"2024-04-09T14:40:46","slug":"can-eth-hit-4000-this-week-as-erc20-assets-pace-up-8-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/can-eth-hit-4000-this-week-as-erc20-assets-pace-up-8-crypto-news\/","title":{"rendered":"Can ETH Hit $4000 This Week As ERC20 Assets Pace Up 8%? – Crypto News"},"content":{"rendered":"

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Ethereum Price Forecast: After a modest 9.8% increase in value in the last week, Ethereum price dodders at $3,630 during US business hours on Tuesday, April 9. The token powering the most prominent smart contracts token ETH<\/span><\/a> holds its value unchanged over 24 hours reflecting the stability witnessed following Monday\u2019s widespread bullish price action.<\/p>\n

Bitcoin<\/a><\/span> topped $72,000 again riding on renewed interest in ETF products, which according to SoSoValue saw net outflows of $223 million on April 8. So far, the cumulative total net inflow volume has reached $12.39 billion.<\/p>\n

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Grayscale, according to data shared by reporter Wu Blockchain, posted $303 million in net outflow volume.<\/p>\n

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SoSoValue: Total net outflows from Bitcoin spot ETFs yesterday were $223 million. Grayscale ETF GBTC saw a single-day net outflow of $303 million. The Bitcoin spot ETF with the largest single-day net inflows was Bitwise ETF NYSE, with a single-day net inflow of approximately\u2026 pic.twitter.com\/hmfXPrhsCh<\/a><\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) April 9, 2024<\/a><\/p>\n<\/blockquote>\n

The Ethereum founder Vitalik Buterin\u2019s speech in Hong Kong on Monday also helped to keep the ecosystem in a positive state with traders choosing to \u201csell short-term Bitcoin option, while Ethereum mainly to buy short-term calls,\u201d according to Greekslive.<\/p>\n

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ETH rose 8% in 24 hours, which may be related to Vitalik\u2019s Hong Kong activities. Greekslive noted that today the traders mainly to sell short-term bitcoin option, while ethereum mainly to buy short-term calls. But the giant whale has now stockpiled nearly 30,000 bitcoin calls\u2026<\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) April 9, 2024<\/a><\/p>\n<\/blockquote>\n

Ethereum Price Forecast Eyes $4,000 As ERC20 Tokens Soar<\/h2>\n

Tokens in the ERC20 sector of the Ethereum<\/span><\/a> ecosystem have recently performed remarkably well, creating momentum even for the second-largest cryptocurrency.<\/p>\n

Insight from blockchain data analytics platform Santiment highlighted that \u201cERC20 have been well ahead of the markets on average,\u201d with the sector increasing by 8.1% in the last seven days.<\/p>\n

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Some of the tokens in this segment performing extremely well include Toncoin (TON) and Ethena (ENA). Based on CoinGecko market data, TON is up 15% in 24 hours to $6.75. Although ENA boasts a staggering 96% surge, it faces rising selling pressure to drop 4% in 24 hours to $1.24.<\/p>\n

Meanwhile, Ethereum hovers above $3,600 support after the bullish move it exhibited on Monday waned at $3,729 \u2013 the most recent high.<\/p>\n

The bearish outlook from the Relative Strength Index (RSI) shows that ETH could claw back the accrued gains and possibly retest support at $3,500. Note that the 20-day Exponential Moving Average (EMA) reinforces this support area in the four-hour range.<\/p>\n

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The lower the RSI drops into the neutral region, the stronger the sellers get, increasing the chances of further decline. More conservative investors may wait until Ethereum price rebounds either from $3,600 or the grey band hosting both the 50-day EMA and the 200-day EMA before going all-in in ETH for a breakout to $4,000.<\/p>\n