The long-awaited Ethereum ETFs have finally hit the market, marking a significant milestone for Ethereum and other altcoins. Industry experts and enthusiasts are looking at how the effects could play out on Ethereum’s price action in the coming months.
Renowned crypto analyst Doctor Profit has made a bold prediction. According to him, Ethereum’s value is set to break through the $10,000 barrier, with the potential to reach a peak of $14,000. The catalyst for this anticipated surge is none other than the Ethereum ETFs, which are expected to act as a major catalyst for the cryptocurrency’s upward momentum.
Doctor Profit’s Ethereum outlook was highlighted on the 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 amongst market participants, which is a parabolic ETH price move this year.
Related Reading
The report draws a parallel between the potential price action of Ethereum and Bitcoin’s performance following the launch of Spot Bitcoin ETFs earlier this year. According to Doctor Profit, if the newly launched Ethereum ETFs attract the same level of investor inflows as Bitcoin did, the impact on Ethereum’s price could be a staggering 209% greater compared to Bitcoin.
Furthermore, Doctor Profit predicts that Ethereum might soon outperform Bitcoin, a noteworthy claim given Ethereum’s recent downtrend 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 up to Ethereum to lead other altcoins into the “altseason.”
Price Targets Following Spot Ethereum ETFs Launch
The most crucial part of Doctor Profit’s ETH report analyzes different price targets for Ethereum for the next 12 months. His initial projection for Q3 2024 places Ethereum’s price in the range of $4,500 to $5,500. This is followed by an expected rise to $5,500 to $8,000 in Q4 2024, a steady forecast of $5,500 to $8,000 for Q1 2025, and a final ambitious target of $8,000 to $14,000 for Q2 2025.
The big $ETH ETF report
All you need to know:
Starting from today, all eyes are on the shining bull $ETH. Something and a promise I gave when called ETH first at $80 in 2020 and promised a bright future for ETH, following the bottom call at $900 in 2022 and the legendary call… pic.twitter.com/RyIq2ZExcE
— Doctor Profit 🇨🇭 (@DrProfitCrypto) July 23, 2024
Doctor’s Profit fundamental analysis and price targets are based on experience. He started his analysis by highlighting his successful past ETH price predictions. He first identified Ethereum’s potential at $80 in 2020, accurately called the bottom at $900 in 2022, projected a target of $1,500 in 2023, and most recently, anticipated a dip 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 eagerly anticipating 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 to remain unfazed by short-term price manipulations. He notes that the initial effects of ETH inflows from the recently launched ETFs will be seen 2-3 weeks from today.
Featured image created with Dall.E, chart from Tradingview.com