Ethereum
Forget $10,000, Crypto Analyst Says, Ethereum Spot ETFs Will Propel ETH to $14,000
THE Long-awaited Ethereum ETFs have finally hit the market, marking a major milestone for Ethereum and other altcoins. Industry experts and enthusiasts examine how effects could occur on the evolution of Ethereum prices in the coming months.
Renowned crypto analyst Doctor Profit has made a bold prediction. According to him, Ethereum’s value is set to break through the $10,000 barrier, with the potential to reach a peak of $14,000. The catalyst for this anticipated surge is none other than Ethereum ETFs, which are expected to act as a major catalyst for the upward dynamics of cryptocurrency.
Dr. Profit’s outlook on Ethereum was highlighted on social media platform X, where he shared his insights in a post titled “The Big $ETH ETF Report.” Notably, the report echoes a general consensus among market participants that ETH’s price is parabolic this year.
Report draws parallels between potential price action of Ethereum and Bitcoin performance following the launch Bitcoin Spot ETFs earlier this year. According to Doctor Profit, if the newly launched Ethereum ETFs attract the same level of investor inflows as Bitcoin, the impact on Ethereum’s price could be a staggering 209% greater than Bitcoin’s.
Additionally, Doctor Profit predicts that Ethereum could soon surpass Bitcoin, a notable claim considering Ethereum’s recent downtrend against Bitcoin since September 2022. However, recent market momentum indicates that Bitcoin’s dominance is starting to show signs of a corrective phase, while Ethereum’s dominance is on the rise. Many market participants are now looking to Ethereum to lead other altcoins into the “altcoin season.”
Price Targets Following the Launch of Ethereum Spot ETFs
The most crucial part of Doctor Profit’s ETH report analyzes the various price targets for Ethereum over the next 12 months. His initial projection for Q3 2024 places Ethereum’s price in the $4,500-$5,500 range. This is followed by an expected rise to $5,500-$8,000 in Q4 2024, a steady forecast of $5,500-$8,000 for Q1 2025, and an ambitious final target of $8,000-$14,000 for Q2 2025.
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Great $ETH ETF Report
All you need to know:
From today onwards, all eyes are on the shining bull $ETH. Something and a promise I made when I first called ETH at $80 in 2020 and promised a bright future for ETH, after the call from the bottom at $900 in 2022 and the legendary call… pic.twitter.com/RyIq2ZExcE
— Doctor Profit 🇨🇭 (@DrProfitCrypto) July 23, 2024
Doctor’s Profit’s fundamental analysis and price targets are based on experience. He began his analysis by highlighting his successful ETH price predictions in the past. He first identified Ethereum’s potential at $80 in 2020, correctly called the bottom at $900 in 2022, projected a target of $1,500 in 2023, and most recently anticipated a drop to $2,800 just two weeks ago.
Related readings: Dogecoin Falling Wedge Pattern: Crypto Analyst Predicts Breakout to $0.22
At the time of writing, ETH is trading at $3,460 and has been consolidating around the $3,500 mark for the past few days. Investors are eagerly awaiting a break above $3,500 by the end of the day and potentially $4,000 by the end of the week. Doctor Profit advises his subscribers not to get upset by short-term price manipulations. He notes that the first effects of ETH inflows from recently launched ETFs will be visible in 2-3 weeks from today.
Featured image created with Dall.E, chart by Tradingview.com