It has been reported that a top analyst predicts what could boost ETH’s price by about 50%. Check out the following details about this new price prediciotn below.
ETH price could explode soon
A crypto analyst, known as Pentoshi, who accurately predicted the end of the 2021 Bitcoin bull market, believes that Ethereum (ETH) will experience a surge in value due to an event that has been overshadowed by the potential approval of a spot market Bitcoin exchange-traded fund (ETF).
Pentoshi has shared with his 727,600 followers on the social media platform X that the possible endorsement of spot Ethereum ETFs next year is likely to give ETH a much-needed boost.
Several asset management companies, including BlackRock, Fidelity, and Hashdex, submitted applications for spot-based Ethereum ETFs earlier this year to the U.S. Securities and Exchange Commission (SEC).
According to Pentoshi, Ethereum is expected to gain bullish momentum as investors anticipate the event.
“We’ve been bull tweeting the BTC ETF since $25,000-$28,000. Soon, we get to do this all again with the ETH ETF in 2024.
No matter what you believe, it’s all game theory. As the date approaches, people will be less willing to sell, and others will feel the need to buy. $2,7xx and $3,400 on the table.”
According to crypto strategist Pentoshi, 2024 will be a promising year for Ethereum (ETH).
Another trader, Michaël van de Poppe, with 678,200 followers on the social media platform X, suggests that Ethereum is likely to create a bottom against Bitcoin (ETH/BTC).
He shares a chart demonstrating that ETH is expected to massively outperform BTC in the first few months of 2024.
“Ethereum isn’t dead. There’s a temporary snapshot of hype taking place that other ecosystems are better.
They aren’t.
The best quarter for ETH is the first quarter of the year and that’s approaching.
Three to eight months prior to Bitcoin halving -> bottoming period.”
Stay tuned for more news from the crypto space and make sure to check out the markets as well.