Analyst: ETH may break through $5000 in the next month

BlockBeats News: On July 30th, according to Decrypt, despite a pullback in Bitcoin, Ethereum prices remained strong. Analysts point out that the favorable market environment this week may accelerate its upward momentum, pushing it up to $5000. Multiple bullish fundamentals are at work, including the possibility of US spot Ethereum ETFs being approved for open staking, a significant increase in existing ETF fund inflows, and an increasing number of digital asset treasuries starting to buy Ethereum. Despite the overall optimistic market sentiment, Daniel Liu, CEO of Republic Technologies, stated that it is still "uncertain which retracement will truly break through the $4000 mark. He pointed out that "leveraged buying demand around $3500" and "significant selling pressure around $4000" may lead to Ethereum maintaining a range bound trend in the short term. However, Daniel Liu stated that although there is uncertainty in the short term, the market has the conditions to trigger a 'short squeeze'. A series of favorable macroeconomic news may disrupt the balance, catalyze severe market volatility, and ultimately drive Ethereum to break through $5000 in the next month. These potential catalytic factors include whether the Federal Reserve will decide to keep interest rates unchanged this Wednesday, as well as the sustained enthusiasm of the market for risk assets dominated by sentiment in the US technology and artificial intelligence sectors, where valuations in the AI sector have surged significantly.