Top Analyst Predicts Ethereum Price To Reach 12k, As Soon ETH ETF Goes Live
The post Top Analyst Predicts Ethereum Price To Reach 12k, As Soon ETH ETF Goes Live appeared first on Coinpedia Fintech News
Ethereum (ETH) bulls are getting active as the launch of spot Ether ETFs approaches in the next two months. In the last 24 hours, ETH has surged by 5% and is now trading at $3,907 with a market cap of $468 billion. Daily trading volumes have also jumped by 68%, reaching nearly $17 billion.
Ethereum (ETH) Price Eyes $12K
Defi Mochi, a prominent crypto analyst, stated his realistic target for Ethereum’s price to be $9,500 to $12,000. This optimistic forecast is grounded in several key factors influencing the cryptocurrency market.
Defi Mochi highlights increased political support for cryptocurrencies as a significant driver behind his prediction. As governments and regulatory bodies worldwide begin to embrace digital currencies, the legitimacy and potential of crypto assets are growing.
With that said my realistic target for $ETH is approximately in the $9.5k to $12k range.
Given
◆ increased political support for crypto
◆$BTC being barely at previous ATHs
◆ increased adoption of $ETH by institutions
I Think none of us are bullish enough on Ultrasound Money.
— Defi_Mochi (@defi_mochi) May 26, 2024
One of the most compelling reasons behind analyst bullish stance is the increasing adoption of Ethereum by institutions. Over the past few years, Ethereum has garnered significant interest from institutional investors, who see the platform’s potential beyond just a digital currency.
Furthermore, the analyst points out that Bitcoin (BTC) is barely holding at its previous all-time highs, suggesting that there is substantial room for growth within the crypto market.
Meanwhile, with the combination of political support, Bitcoin’s market position, and institutional interest, Ethereum could very well achieve the ambitious targets set by analyst.
ETH Price to Reach $4,500 Before ETF Goes Live
Echoing a similar bullish stance Arthur, the founder of DeFiance Capital, predicts that Ethereum (ETH) will reach $4,500 before spot ETH ETF trading begins. A survey by WuBlockchain in the Chinese community supports this optimism, with 58% of respondents believing ETH could rise to $10,000 or more in this market cycle.
DeFiance Capital founder Arthur predicts that ETH will be able to reach $4,500 before spot ETH ETF trading goes live. A survey conducted by WuBlockchain in the Chinese community shows that 58% people believe that ETH can rise to $10,000 and even more in this cycle.… pic.twitter.com/WaYdCyhKS4
— Wu Blockchain (@WuBlockchain) May 27, 2024
A Santiment chart shows that, as of May 19, the top 1,000 largest wallets held a total of 76.01 million ETH, indicating strong confidence from major investors.
Also Check Out: Ethereum Price To Hit This Level Before ETH ETF Trading Goes Live
Filed under: Bitcoin - @ May 27, 2024 7:13 am