Forget $10,000, Crypto Analyst Says Spot Ethereum ETFs Will Drive ETH To $14,000
July 24 2024 - 12:00PM
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The long-awaited Ethereum ETFs have finally hit the market, marking
a significant milestone for Ethereum and other altcoins. Industry
experts and enthusiasts are looking at how the effects could play
out on Ethereum’s price action 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 the Ethereum
ETFs, which are expected to act as a major catalyst for the
cryptocurrency’s upward momentum. Doctor Profit’s Ethereum outlook
was highlighted on the 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 amongst market participants,
which is a parabolic ETH price move this year. Related
Reading: Bitcoin Enters Final Wave 5 As World Events Signal Massive
Surge The report draws a parallel between the potential price
action of Ethereum and Bitcoin’s performance following the launch
of Spot Bitcoin ETFs earlier this year. According to Doctor Profit,
if the newly launched Ethereum ETFs attract the same level of
investor inflows as Bitcoin did, the impact on Ethereum’s price
could be a staggering 209% greater compared to Bitcoin.
Furthermore, Doctor Profit predicts that Ethereum might soon
outperform Bitcoin, a noteworthy claim given Ethereum’s recent
downtrend against Bitcoin since September 2022. However, recent
market dynamics indicate that Bitcoin’s dominance is beginning to
show signs of a corrective phase, while Ethereum’s dominance is on
the rise. Many market participants are now looking up to Ethereum
to lead other altcoins into the “altseason.” Price Targets
Following Spot Ethereum ETFs Launch The most crucial part of Doctor
Profit’s ETH report analyzes different price targets for Ethereum
for the next 12 months. His initial projection for Q3 2024 places
Ethereum’s price in the range of $4,500 to $5,500. This is followed
by an expected rise to $5,500 to $8,000 in Q4 2024, a steady
forecast of $5,500 to $8,000 for Q1 2025, and a final ambitious
target of $8,000 to $14,000 for Q2 2025. The big $ETH ETF report
All you need to know: Starting from today, all eyes are on the
shining bull $ETH. Something and a promise I gave when called ETH
first at $80 in 2020 and promised a bright future for ETH,
following the bottom call at $900 in 2022 and the legendary call…
pic.twitter.com/RyIq2ZExcE — Doctor Profit 🇨🇭 (@DrProfitCrypto)
July 23, 2024 Doctor’s Profit fundamental analysis and price
targets are based on experience. He started his analysis by
highlighting his successful past ETH price predictions. He first
identified Ethereum’s potential at $80 in 2020, accurately called
the bottom at $900 in 2022, projected a target of $1,500 in 2023,
and most recently, anticipated a dip to $2,800 just two weeks ago.
Related Reading: 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 anticipating a break above
$3,500 by the end of today and potentially reaching $4,000 by the
end of the week. Doctor Profit advises his followers to remain
unfazed by short-term price manipulations. He notes that the
initial effects of ETH inflows from the recently launched ETFs will
be seen 2-3 weeks from today. Featured image created with Dall.E,
chart from Tradingview.com
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