Traders suggest that Ether’s price falling to $3,209 has now put it in “buy” territory but warn it may not last once the “tremendous” impact of exchange-traded funds (ETFs) come into effect.&nbsp;
“There are 2 major zones to buy,” pseudonymous crypto trader Sheldon The Sniper told their 490,300 X followers in a July 24 X <a href="https://x.com/Sheldon_Sniper/status/1816234189500604739" target="_blank" rel="noopener noreferrer nofollow">post</a>. He pointed to $3,300 and below as the current buy zone, and added that the $3,097 buy zone has already passed.
Sheldon further <a href="https://cointelegraph.com/news/ethereum-etf-price-sensitive-inflows-for-days-kaiko" rel="noopener noreferrer nofollow">predicted that Ether could reach</a> $4,000 “in the next week or two,” reiterating their two suggested entry points as the “ones you ride to the next all-time high breaks.”
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/f72e32b0-9852-4a29-bcb8-25a9cb10dc6c.png" alt="Traders see ETH’s $3.2K pullback as a ‘buy’ while ETFs build steam">
 <figcaption style="text-align: center;">Ether dropped 7.68% down from $3,469 in the past 24 hours. Source: CoinMarketCap
 </figcaption>
</figure>
Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) is currently trading at $3,209 at the time of publication, down 7.68% over the past 24 hours, according to CoinMarketCap <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">data</a>.
The price has dipped another level below the closely watched $3,500 mark, around which Ether has been fluctuating since March 1, following spot Ether ETF trading debut that saw <a href="https://cointelegraph.com/news/ethereum-etf-inflows-106-million-first-day-trading" rel="noopener noreferrer nofollow">$107 million in net inflows</a>.
However, future traders were expecting a larger price drop after the debut of Ether ETF trading. The 7.68% decline liquidated $42.53 million in short positions, along with just $2 million in long positions, according to CoinGlass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">data</a>.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/178a37fa-e250-4bcc-b9ef-fd274faabc4d.png" alt="Traders see ETH’s $3.2K pullback as a ‘buy’ while ETFs build steam">
 <figcaption style="text-align: center;">In the past 24 hours, Ether experienced $9.89 million more in liquidations than Bitcoin. Source: CoinGlass
 </figcaption>
</figure>
<h3 id="analysts-expect-big-gains-for-ether-s-price">Analysts expect big gains for Ether’s price</h3>
Ether is going to experience “tremendous” price action from ETF inflows, similar to what happened with Bitcoin following the launch of Bitcoin ETFs, when its price jumped from $40,000 to $70,000 following the launch, Michael van de Pope explained in a July 24 analyst <a href="https://x.com/CryptoMichNL/status/1816157060670673127" target="_blank" rel="noopener noreferrer nofollow">note</a>.
Related: <a href="https://cointelegraph.com/news/ether-crypto-traders-price-expectations-spot-eth-etf" rel="noopener noreferrer nofollow">ETH traders should ‘expect the unexpected’ after ETF launch</a>
Van de Pope doesn’t rule out Ether doubling its price in the near term, either.
“Probably it’s very likely to suspect that a price rally from $3,500 to $7,000-7,500 is on the cards,” he added, predicting that the aftermath of the ETF launch may lead to short-term volatility.
<blockquote>
 “One-two weeks for downward momentum before the real surge of Ethereum toward a new all-time high."
</blockquote>
Swyftx lead market analyst Pav Hundal recently told Cointelegraph he believes the “nearer-term goal” is for Ether to hit its <a href="https://cointelegraph.com/news/ether-crypto-traders-price-expectations-spot-eth-etf" rel="noopener noreferrer nofollow">November 2021 all-time high of $4,890</a>.
Magazine: <a href="https://cointelegraph.com/magazine/cryptocurrency-electric-capital-avichal-garg/" rel="noopener noreferrer nofollow">Coinbase will not mention ‘crypto’ in five years: Avichal Garg, X Hall of Flame</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Traders see ETH’s $3.2K pullback as a ‘buy’ while ETFs build steam

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