O long-awaited Ethereum ETFs have finally hit the market, marking a significant milestone for Ethereum and other altcoins. Industry experts and enthusiasts are analyzing how the effects may occur about Ethereum’s price action in the coming months.
Renowned crypto analyst Doctor Profit has made a bold prediction. According to him, the value of Ethereum is set to surpass the $10,000 barrier, with the potential to peak at $14,000. The catalyst for this predicted surge is none other than Ethereum ETFs, which are expected to act as an important catalyst for the cryptocurrency’s upward momentum.
Doctor Profit’s Ethereum outlook was highlighted on 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 among market participants, which is a parabolic move in the price of ETH this year.
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Report draws parallel between Ethereum’s potential price action and Bitcoin’s performance after release of Spot Bitcoin ETFs earlier this year. According to Doctor Profit, if the newly launched Ethereum ETFs attract the same level of investor inflow that Bitcoin did, the impact on Ethereum’s price could be a staggering 209% larger compared to Bitcoin.
Furthermore, Doctor Profit predicts that Ethereum could soon surpass Bitcoin, a noteworthy claim given Ethereum’s recent bearish trend 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 to Ethereum to lead other altcoins into “altseason.”
Price Targets Following Spot Ethereum ETF Launch
The most important part of Doctor Profit’s ETH report looks at different price targets for Ethereum over the next 12 months. His initial projection for Q3 2024 puts the price of Ethereum 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 steady forecast of $5,500 to $8,000 for Q1 2025, and an ambitious final target of $8,000 to $14,000 for Q2 2025.
The big $ETH ETF Report
All you need to know:
From today onwards, all eyes are on the shining bull $ETH. Something and a promise I made when I first called ETH at $80 in 2020 and promised a bright future for ETH, after the last call at $900 in 2022 and the legendary call… pic.twitter.com/RyIq2ZExcE
– Doctor Profit 🇨🇭 (@DrProfitCrypto) July 23, 2024
Doctor Profit’s fundamental analysis and price targets are based on experience. He began his analysis by highlighting his previous successful ETH price predictions. He first identified Ethereum’s potential at $80 in 2020, accurately defined 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.
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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 awaiting 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 not to get too worked up about short-term price manipulations. He notes that the initial effects of ETH inflows from recently launched ETFs will be seen within 2-3 weeks from today.
Featured image created with Dall.E, chart from Tradingview.com