The highly anticipated Ethereum ETFs have finally hit the market, marking a major milestone for Ethereum and other altcoins. Industry experts and enthusiasts look at how the effects could occur about Ethereum’s price action in the coming months.
Renowned crypto analyst Doctor Profit has made a bold prediction. According to him, Ethereum’s value will break the $10,000 mark, with the potential to reach a peak of $14,000. The catalyst for this expected rise is none other than the Ethereum ETFs, which are expected to do so act as an important catalyst for the cryptocurrency’s upward momentum.
Doctor Profit’s Ethereum prospects were highlighted on social media platform X, where he shared his insights in a post titled “The Big $ETH ETF Report.” Notably, the report reflects a general consensus among market participants which is a parabolic ETH price move this year.
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The report draws a parallel between Ethereum’s potential price action and Bitcoin’s performance after launch of Spot Bitcoin ETFs earlier this year. According to Doctor Profit, the impact on Ethereum’s price could be as much as 209% greater if the newly launched Ethereum ETFs attract the same level of investor inflows as Bitcoin, compared to Bitcoin.
Furthermore, Doctor Profit predicts that Ethereum could soon outperform Bitcoin, a notable claim considering Ethereum’s recent downward trend against Bitcoin since September 2022. However, recent market dynamics indicate that Bitcoin’s dominance is starting to show signs of a corrective phase, while Ethereum’s dominance is waning. to get up. Many market participants are now looking to Ethereum to lead other altcoins into the altseason.
Price Targets After the Launch of Spot Ethereum ETFs
The most crucial part of Doctor Profit’s ETH report analyzes various price targets for Ethereum for the next 12 months. His initial projection for the third quarter of 2024 puts Ethereum’s price between $4,500 and $5,500. This is followed by an expected increase to $5,500 to $8,000 in the fourth quarter of 2024, a steady forecast of $5,500 to $8,000 for the first quarter of 2025, and an eventual ambitious target of $8,000 to $14,000 for the second quarter of 2025.
The big $ETH ETF report
Everything you need to know:
From today on, all eyes are on the shining bull $ETH. There was something and a promise I made when I first called ETH at $80 in 2020, and I promised a bright future for ETH, after the lowest call of $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 started his analysis by highlighting his successful previous ETH price predictions. He first identified Ethereum’s potential at $80 in 2020, accurately called the bottom at $900 in 2022, predicted a target of $1,500 in 2023, and most recently projected 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 $3,500 in recent days. Investors are eagerly awaiting it a break above $3,500 by the end of today and possibly $4,000 by the end of the week. Doctor Profit advises his followers not to be influenced by short-term price manipulations. He notes that the first effects of ETH inflows from the newly launched ETFs will be visible in two to three weeks.
Featured image created with Dall.E, chart from Tradingview.com
