Ethereum
Is Ethereum About to Retest $4,000? Analyst Predicts 3x Surge
Amid a market downturn, crypto analysts believe Ethereum (ETH) could be ready to retest key resistance levels. At the same time, investors are expecting the second-largest cryptocurrency performance as the final approval of ETH spot ETFs (exchange-traded funds) approaches.
Is Ethereum ETF Approval Already Priced In?
The upcoming approval of Ethereum spot ETFs has crypto investors speculating on the impact of the launch on ETH’s performance. Prominent investor Daan Crypto Trades believes News of S-1 approval will not affect Ethereum price.
According to the trader, the announcement will play out similar to the announcement of the 19b-4 approval in May. Nearly two months ago, rumors of the Securities and Exchange Commission (SEC) ETH ETF decision fueled Ethereum’s rally.
The “King of Altcoins” jumped The token price increased by more than 30% from $3,000 to $3,900. However, the token price did not see any further impact after the official announcement.
For Daan, the SEC approval will be neither bullish nor bearish, as it is “more than 99% priced in.” Analysts added that “the real test will be actual flows once the ETFs are operational.”
Additionally, the trader believes the market will see a lot of outflows from Grayscale Ethereum Trust (ETHE), but not “as severe as we saw with GBTC.” request For Ethereum ETFs, the crypto investor claimed that 20% of spot BTC ETF inflows are expected.
This is expected to be somewhere between 10-30% of what BTC received in terms of inflows. I think around 20% is a pretty safe estimate. Anything higher would obviously be a nice surprise. ETH doesn’t need as much inflow as BTC to move after all. Market cap is 1/3 and there is a lot of supply locked up in staking/defi products etc. Pretty thin market compared to BTC.
ETH to triple rise over the next year
Crypto Analyst Jelle Believes ETH May Soon Be Able to Retest the Key resistance levelsSecond-largest cryptocurrency “reclaims 200-day EMA, ETFs rapidly approaching.”
According to the post, if ETH manages to hold this level, the cryptocurrency could test the $4,000 mark. The analyst expects Ethereum to outperform Bitcoin in the coming weeks. For him, the flagship cryptocurrency will have a “boring next few weeks” as it moves sideways.
Jelle too affirmed Investors are not “ready for the faces to melt,” commented ETH doubters. “Every cycle, people abandon ETH, saying it’s a ‘dead technology’ – only to be proven wrong again,” he said.
The price of ETH has increased by 5.4% in the past week, currently trading at $3,121. Despite a 13% decline over the past month, some market observers believe that the current price of ETH is a good reversal. “Anything close to $3,000 or below is free 3x in the next 12 months,” said pseudonym crypto analyst Poseidon.
Featured image from Unsplash.com, chart from TradingView.com