Ethereum is once again in the spotlight after Donald Trump’s World Liberty Financial continued buying ETH. In the latest purchase, the firm bought another $5 million worth of ETH on 27th January.
This purchase has increased speculation among analysts and crypto traders for a potential pump in ETH price. It is expected that such moves could help ETH price increase above $4,000 and may reach $6,000 in the next few months.
Currently, ETH is priced at $3,188 and is grappling with the $4,000 resistance level, which is similar to the $400 resistance level during Q4 2020. At that time, Ethereum’s price was facing major resistance below the $400 mark despite Bitcoin’s bullish momentum, DeFi hype, and increased liquidity. However, ETH price surged by more than 150% in just two months once it broke above this mark.
Now some crypto analysts believe in a similar scenario where ETH will repeat the same price surge as it did in late 2020.
In his latest post, crypto investor Ted Pillows shares that “Trading Ethereum now feels like trading $ETH in late 2020.” He believes that after crossing the $4,000 mark, ETH will reach around $5,000 and could climb up to $6000 in the next 6 to 8 weeks.
World Liberty Financial’s continued ETH purchases signal a growing institutional interest in Ethereum and suggest a long-term potential for the asset. Such interest from institutional buyers could significantly improve market sentiment around ETH while increasing market liquidity and driving massive attention towards the asset.
Read: Cardano (ADA) Price at a Crossroad: Will It Breakout or Drop?
