He Long-awaited ethereum ETFs They have finally hit the market, marking a major milestone for ethereum and other altcoins. Industry experts and enthusiasts are looking at how The effects could manifest themselves on ethereum's price action in the coming months.
Renowned cryptocurrency analyst Doctor Profit has made a bold prediction. According to him, the value of ethereum will surpass 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 ethereum-etfs-will-lead-all-of-the-altcoins-to-wall-street-anthony-pompliano/” rel=”nofollow”>Act as an important catalyst due to the upward momentum of the cryptocurrency.
Doctor Profit’s ethereum outlook was highlighted on social media platform x, where he shared his thoughts in a post titled “The Big $eth ETF Report.” Notably, the report echoes a general consensus among market participants, which is a parabolic move for eth price this year.
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The report draws a parallel between ethereum's potential price action and bitcoin's performance. bitcoin-etfs-surge-with-384-million-inflows/” rel=”nofollow”>After the launch of 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% larger compared to bitcoin.
Furthermore, Doctor Profit predicts that ethereum could soon overtake bitcoin, a remarkable claim given ethereum’s recent downtrend 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 on the rise. Many market participants now expect ethereum to lead other altcoins in the “altcoin season.”
Target prices after the launch of ethereum spot ETFs
The most crucial part of Doctor Profit’s eth report looks at different price targets for ethereum for the next 12 months. Their initial projection for Q3 2024 puts the ethereum price in the range of $4,500 to $5,500. This is followed by an expected increase to $5,500 to $8,000 in Q4 2024, a stable forecast of $5,500 to $8,000 for Q1 2025, and an ambitious final target of $8,000 to $14,000 for Q2 2025.
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The great twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$Ether ETF Report
All you need to know:
From today, all eyes are on the shining bull twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$Ether. Something and a promise I made when I first called eth at $80 in 2020 and promised a bright future for eth, after the low call to $900 in 2022 and the legendary call… image.twitter.com/RyIq2ZExcE
— Doctor Profit (@DrProfitCrypto) twitter.com/DrProfitCrypto/status/1815729936180605423?ref_src=twsrc%5Etfw” rel=”nofollow”>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, accurately predicted 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 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 eager to A break up above $3,500 by the end of the day and potentially reaching $4,000 by the end of the week. Doctor Profit advises his followers not to be intimidated by short-term price manipulations. He notes that the initial effects of eth inflows from recently launched ETFs will be seen in 2-3 weeks from today.
Featured image created with Dall.E, chart from Tradingview.com
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