Popular cryptocurrency analyst and enthusiast Doctor Profit has boldly predicted that ethereum would experience a massive parabolic move after eth Spot ETF launch before the end of the year, which has sparked interest in the cryptocurrency space.
ethereum set for major price rally following eth spot ETF listing
In it x.com/DrProfitCrypto/status/1815729936180605423″ target=”_blank” rel=”noopener nofollow”>mail On the x platform (formerly twitter), Doctor Profit highlighted that all eyes are now focused on ethereum, the shining bull, something he had already predicted over the years. Now, with the launch of eth spot ETFs, the expert believes that the crypto asset is finally ready to dominate the crypto market, as he expects a massive parabolic move for eth this year.
Related Reading: Are ethereum Spot ETFs Bullish for eth Price? Analyst Reveals Bullish Setup
While some industry experts may consider this to be a news-selling phenomenon that will lead to a correction, Doctor Profit disagrees with this version. He noted that the market may have already factored in the launch of the spot ETF, but has not yet considered the huge capital inflows that will pour into the products.
Because of this, Doctor Profit is confident that the price of ethereum will be affected 209% more than bitcoin if the same amount of capital flowing into bitcoin spot ETFs is invested in eth. This is because eth has a market cap three times smaller than bitcoin and therefore any capital invested in the crypto asset would have a price impact three times larger than in btc.
Doctor Profit also claims that with the recent development surrounding eth, the token is gearing up to be the dominant force in this bull cycle, which so far has been bitcoin. The analyst noted that while eth may not be showing an uptrend against btc, he believes that a breakout of the downtrend against btc could soon occur as bitcoin’s dominance is starting to show the first signs of correction.
So far, altcoins have seen a bullish surge driven by a bitcoin–bitcoin-led pump. However, with btc dominance now starting to fall, Doctor Profit is confident that eth will lead altcoins into altcoin season in the coming months.
eth price will range between $10,000 and $14,000 in a year
Following btc Spot ETF“Coming into the market, Doctor Profit noted that btc corrected by 20% before recovering about 10 days later. However, with ethereum, the analyst does not expect such a large correction to occur, suggesting an instant positive price response following the launch of the eth spot ETF.
Related Reading: ethereum ETFs Will Bring “All Altcoins to Wall Street” – Anthony Pompliano
As a result, you have set your next major goals for ethereum Between $10,000 and $14,000 in a year. According to the analyst, these levels are the regions where he will start selling his eth holdings, which he acquired between $80 and $2,800.
So far, he has urged investors not to panic during short-term price manipulation, especially in the face of early selling pressure on Grayscale’s ETHE like the one seen with its GBTC. While this development may create fear among investors, he noted that the selling pressure will be short-lived.
Featured image from iStock, chart from Tradingview.com
