Ethereum Price Prediction: Crypto Analysts Reveal Catalyst That Will Drive Price Above $3,500
01 Dezembro 2023 - 7:00PM
NEWSBTC
A crypto analyst has singled out an event that could be the spark
that Ethereum needs to hit the price level of $3,500. He believes
that the second-largest cryptocurrency by market cap is going to
make this run after Bitcoin “gets its shine.” How Ethereum Will Hit
$3,500 In a post shared on his X (formerly Twitter) platform, the
CEO and founder of MN Trading, Michaël van de Poppe, alluded to the
Ethereum Spot ETF filing by Fidelity in his price prediction of
$3,500. The crypto analyst seemed to be suggesting that approval of
an Ethereum Spot ETF could propel Ethereum’s price to such
heights. Related Reading: XRP Price Prediction: Analyst
Identifies 3 Key Factors That Will Trigger Parabolic Move His
reference to Bitcoin also confirms that this might indeed be van de
Poppe’s “thesis.” He spoke about Ethereum “running to $3,500 in Q1
2024” after Bitcoin has had its shine. The “shine” likely refers to
the possible approval of a Spot Bitcoin ETF. Some analysts have
predicted that there is a 90% chance that a Spot Bitcoin ETF will
be approved by January 10, 2024. With this in mind, the crypto
analyst possibly believes that approval of an Ethereum Spot ETF
could come not long after once the Spot Bitcoin ETF is approved. If
that happens, it could spark a massive rally in Ethereum’s price.
That could explain why Michaël van de Poppe is predicting Ethereum
to run to $3,500. Several asset managers have already applied
with the Securities and Exchange Commission (SEC) to offer an
Ethereum Spot ETF. However, all eyes seem to be on the SEC’s
decision on the pending Spot Bitcoin ETF applications. This could
simply be because a final decision is expected on the pending Spot
Bitcoin ETF applications, unlike Ethereum’s, which still have a
longer review process. ETH price steadies above $2,000 | Source:
ETHUSD on Tradingview.com Ethereum Spot ETFs May Not Get The Same
Reception Historically speaking, there is reason to believe that
Ethereum Spot ETFs might not enjoy the same reception that Spot
Bitcoin ETFs have gotten so far. This is based on the fact that
there was a stark comparison in the numbers when the futures ETF of
both crypto tokens launched. Related Reading: Shiba Inu L2
Shibarium Crosses 4 Million Transactions As Burn Rate Explodes
Bitcoin futures ETFs were already in place as of 2021, with
ProShares Bitcoin Strategy (BITO) ETF being the first to launch.
Meanwhile, Ethereum futures ETFs just launched this year. What is
most interesting is the trading volume that BITO saw on its launch
date in comparison to all Ethereum futures ETFs on their launch
date. BITO is reported to have seen more than $1 billion in
trading volume in the first two days of launching. On the other
hand, the total trading volume for Ether ETFs on their launch day
amounted to just under $2 million. Featured image from Tron
Weekly, chart from Tradingview.com
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