This long awaited Ethereum ETFs have finally hit the market, marking a major milestone for Ethereum and other altcoins. Industry experts and enthusiasts take a look at how effects may appear on Ethereum price changes in the coming months.
Renowned cryptocurrency analyst Doctor Profit has made a bold prediction, saying that Ethereum is set to break through the $10,000 barrier, with the potential to reach a peak of $14,000. The catalyst for this predicted growth is none other than Ethereum ETFs, which are set to act as the main catalyst for the growth of cryptocurrency dynamics.
Doctor Profit’s Ethereum outlook was highlighted on social media platform X, where he shared his observations in a post titled “The Big $ETH ETF Report.” Interestingly, the report reflects the general consensus among market participants, which is a parabolic price movement for ETH this year.
The report draws a parallel between Ethereum’s potential price action and Bitcoin’s performance after starting Bitcoin ETF spot earlier this year. According to Doctor Profit, if the newly launched Ethereum ETFs attract the same level of investor inflow as Bitcoin, the impact on Ethereum’s price could be a staggering 209% greater compared to Bitcoin.
Additionally, Doctor Profit predicts that Ethereum could soon surpass Bitcoin, a notable statement given Ethereum’s recent downtrend against Bitcoin since September 2022. However, recent market dynamics indicate that Bitcoin’s dominance is starting to show signs of a corrective phase, while Ethereum’s dominance is growing. Many market participants are now looking to Ethereum to lead other altcoins into “altseason.”
Price Targets After Spot Ethereum ETF Launch
The most significant part of the ETH Doctor Profit report looks at various price targets for Ethereum for the next 12 months. His initial forecast for Q3 2024 places Ethereum’s price in a range of $4,500 to $5,500. After that, he expects it to rise to $5,500–$8,000 in Q4 2024, a steady forecast of $5,500–$8,000 for Q1 2025, and an eventual ambitious target of $8,000–$14,000 for Q2 2025.
Massive $ETH ETF Report
Everything you need to know:
From today on, all eyes are on the shiny bull $ETH. Something and the promise I made when I first called ETH at $80 in 2020 and promised a vivid future for ETH, after the lowest call at $900 in 2022 and the legendary call… photo: twitter.com/RyIq2ZExcE
— Dr Profit 🇨🇭 (@DrProfitCrypto) July 23, 2024
Doctor’s Profit’s fundamental analysis and price targets are grounded in experience. He began his analysis by highlighting his successful previous ETH price predictions. First, he identified Ethereum’s potential at $80 in 2020, correctly predicted a $900 bottom in 2022, predicted a $1,500 target in 2023, and most recently predicted a drop 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 level for several days. Investors are eagerly awaiting break above $3,500 by the end of the day and potentially $4,000 by the end of the week. Doctor Profit advises his followers not to worry about short-term price manipulation. He notes that the initial effects of ETH inflows from recently launched ETFs will be evident in 2-3 weeks from today.
Featured image created with Dall.E, chart from Tradingview.com
