Cryptocurrency analyst and trader Tyler Durden revealed his bullish sentiment towards Ethereum (ETH). The analyst suggested that The rise of ETH was inevitable and that it is better for traders to ride with the wave.
Ethereum is expected to rise to $10,000
Durden mentioned in X (formerly Twitter) post that Ethereum to $10,000 is currently the “most asymmetric bet” in cryptocurrencies. He further stated that “as annoying as it was, [it’s] just like the chips fell,” which he suggests ETH increase to this price level was inevitable. He also suggested that he would bet on ETH regardless of what he thinks about the cryptocurrency token, as he noted that investors “trade the market” and not their emotions.
The analyst suggested that Spot Ethereum ETFs will be the key to ETH growing to $10,000. He claimed that Wall Street went to great lengths to secure the approval of Ethereum ETFs, including transitioning Ethereum from a security. Therefore, he believes that these institutional investors will ensure that it makes as much money as possible from these funds by inflating the price of Ethereum.
Other analysts also share similar sentiments as Durden, predicting that Ethereum Spot ETFs will contribute to a massive augment in ETH prices. Crypto analysts also Ash Crypto and Eljaboom recently predicted that thanks to these funds, ETH will augment to $10,000. Ash Crypto stated that it is only a “matter of time” before Ethereum reaches this price level, and Spot Ethereum ETFs are expected to begin trading soon.
Cryptocurrency analysts also Altcoin Daily previously mentioned that ETH up to $10,000 is “programmed” and mentioned Spot Ethereum ETFs as one of the reasons they believe the crypto token could rise to that price level. According to Bloomberg analyst Eric Balchunastrading in these Spot Ethereum ETFs could begin on July 2.
These funds are expected to contribute to ETH’s parabolic growth due to the significant inflows they can bring to the Ethereum ecosystem. Cryptocurrency research firm K33 projects that these funds could attract net inflows of $3.1 billion to $4.8 billion in the first five months of operation.
Why you shouldn’t bet against ETH
Durden referred to the United States Securities and Exchange Commission (SEC) the decision to discontinue the investigation against ETH to further highlight why betting on Ethereum was an obvious play. Ethereum developer Consensys revealed in post X that SEC Division of Enforcement notified them that it was closing its investigation into whether ETH was a security.
They added that this means the SEC will no longer bring charges that the sale of ETH is a securities transaction. A potential SEC lawsuit against Ethereum was expected to be a major catalyst that could lower the price of ETH as well SEC lawsuit against Ripplewhich is he believed have a negative impact on the price of XRP.
However, with the SEC opting not to file charges against Ethereum, the ETH price looks ready to take off as this development deepens the bullish narrative around the crypto token.
Featured image created with Dall.E, chart from Tradingview.com
