In large numbers, market participants are heavily weighing in on Ethereum’s future following the recent approval of Ethereum ETFs, which has left Ether investors excited since the announcement.
Notably, price predictions have been discussed among crypto traders, investors, and analysts. The sentiments are largely bullish and linked to the current uptrend recorded by leading altcoins, especially Ether.
Market analyst Miles Deutscher believes Ether is well on its way to doubling its current price. The analyst shared his view on X with his follower base of more than 500,000 X users. Deutscher, who is not new to making bold price predictions, cited the bullish trajectory of Bitcoin bulls following the approval of multiple Spot Bitcoin ETFs back in January.
According to him, ETH bulls could send the asset above its all-time high of $4,721, a price level recorded in November 2021.
“BTC rallied 75% in 63 days after the spot ETF was approved. If ETH follows the same trend (if approved), this would take it to $6,446 by July 23.” The analyst wrote.
Certain that ETFs in the USA and similar products in Asia could catalyze a massive ETH price rally, Andrey Stoychev, the Head of Prime Brokerage at Nexo, has also made a bullish call.
“ETH ETFs in the USA and similar products in Asia could be the driver that helps the asset reach $10,000 by end-2024, catching up with Bitcoin’s performance post-ETF.” Stoychev said.
Pseudonymous market analyst Ali Chart appears to be leaning towards a more modest target. He cites Ethereum’s most important resistance barrier between the $3,940 and $4,054 levels, noting that more than 1.16 million addresses had previously purchased 574,660 ETH around those levels.
“If ETH overcomes this hurdle and prints a daily candlestick close above $4,170, the bearish outlook will be invalidated. This could result in a new upward countdown phase toward $5,000.” He wrote in a recent post.
At report time, the crypto market is making a slow recovery. Notably, the global crypto market cap has soared by 1.33% over the last 48 hours, bringing the current total to $2.55 trillion. ETH has also emerged as the best-performing asset and altcoin within the top then category over the past 30 days with more than 21% in gains. ETH is now trading for $3,820 per coin. Positive market sentiments could continue pushing ETH to newer levels as investors enter the market.
