Popular crypto analyst and enthusiast, Doctor Profit has boldly predicted that Ethereum would see a huge parabolic move following the spot ETH ETFs launch before the year closes, which has garnered the interest of the cryptocurrency space.
Ethereum Poised Major Price Rally Post-Spot ETH ETFs
In the post on the X (formerly Twitter) platform, Doctor Profit highlighted that all eyes are now focused on Ethereum, the shining bull, which is something he previously predicted over the years. Now, with the spot ETH ETFs launch, the expert believes 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 Spot Ethereum ETFs Bullish For ETH Price? Analyst Reveals Bullish Setup
Although some industry experts may consider the development a sell-the-news phenomenon that will lead to a correction, Doctor Profit is not in agreement with the narrative. He noted that the market may have already taken the spot ETF launch into account, but it has not yet considered the enormous inflows that will pour into the products.
Due to this, Doctor Profit is confident that the price of Ethereum will be affected 209% more than Bitcoin if the same amount of capital that is flowing into spot Bitcoin ETFs is invested in ETH. This is because ETH has a three times smaller market cap than Bitcoin and thus any capital invested in the crypto asset would have a three times bigger price impact than in BTC.
Doctor Profit also claims with the recent development around ETH, the token is gearing up to be the dominant force in this bull cycle, which before now has been Bitcoin. The analyst pointed out that while ETH may not be displaying a bullish trend against BTC, he believes a breakout could occur from the downtrend against BTC soon, as Bitcoin dominance is beginning to exhibit the first indications of correction.
Thus far, altcoins have experienced an upward surge driven by a Bitcoin-led pump. However, with the dominance of BTC now starting to drop, Doctor Profit is confident that ETH will lead altcoins into the alt season in the upcoming months.
ETH To Be Priced Between $10,000 And $14,000 In A Year
Following spot BTC ETFs‘ entry 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 that much correction to take place, suggesting an instant positive price response after the spot ETH ETFs launch.
Related Reading: Ethereum ETFs Will Lead “All Of The Altcoins To Wall Street” – Anthony Pompliano
As a result, he has set his next major targets for Ethereum between $10,000 and $14,000 within a year from now. 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 from an anticipated Grayscale’s ETHE selling pressure as seen with its GBTC. While this development may trigger fear among investors, he noted that the selling pressure will be short-lived.
from Bitcoinist.com https://ift.tt/VSkPbEg
https://ift.tt/2bMWFNA July 25, 2024 at 01:00AM