Ethereum
Credible Crypto Analyst Says ETH Will Hit New All-Time High
- Popular crypto analyst Credible Crypto predicts that the SEC’s withdrawal of Ethereum is the final nail in the bears’ coffin, with the altcoin gearing up for a new all-time high.
- The analyst expects ETH to reach $5,000 and further predicts that Bitcoin (BTC) will reach $100,000 during this bull cycle.
Ethereum (ETH) is one of the most watched cryptocurrencies during the upcoming bull market. Popular crypto analyst Credible Crypto, who rose to prominence thanks to his bizarre predictions, has shared an optimistic view of the world’s largest altcoin by market capitalization, Ethereum (ETH).
Although ETH hit an all-time high earlier this year, the analyst predicts a new all-time high after the approval of ether spot ETFs. The analyst further reveals that it is implausible for ETH to fall below the $1,600 level.
ETH found support between $2,800 and $3,400 as investors appeared undecided about the direction the second-largest cryptocurrency will take. But recent developments could offer some clarity. Like Crypto News Flash reported, the SEC closed its investigation into Ethereum, deciding not to pursue accusations that ETH sales were securities transactions. Consensys announced last week that the SEC’s Enforcement Division had concluded its investigation into Ethereum 2.0 without bringing any charges.
“The SEC’s withdrawal of ETH is likely the [last]nail the bears coffin here. Credible Crypto Analyst note.
At the time of writing, ETH is trading at $34.88 after a 1.5% decline over the weekend. The altcoin faced downward pressure with a 49% drop in trading volume, indicating hesitant investor interest.
The SEC’s closure of the case could be positive for Ethereum as it could lead to the approval of an ether spot ETF. Like Crypto News Flash UnderlinesBloomberg ETF analyst Eric Balchunas has revised his forecast, suggesting that Ethereum ETFs could begin trading as early as July 2.
This accelerated timetable contrasts with earlier indications from SEC Chairman Gary Gensler. During a Senate hearing on June 13, Gensler mentioned that approvals for the Ethereum ETF could occur over the summer, but did not provide a specific date for their commercial debut, according to the Crypto News Flash Report.
Comparing this launch to the Bitcoin ETF spot in January, ETH investors are expecting a new all-time high. Some experts have given $6,000, $8,000, $10,000 and $12,000 as possible goals.
The analyst then discussed other altcoins he is interested in. It started with Curve DAO (CRV), the native token of the decentralized finance (DeFi) platform, which offers a remarkable opportunity, similar to venture capitalists and large investors who backed the platform to prevent a sell-off after a feat last year.
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– CrediBULL Crypto (@CredibleCrypto) June 19, 2024
Additionally, Convex Finance (CVX) is under the radar of analysts. It reveals that Convex Finance (CVX), the DeFi platform’s utility token, is currently experiencing limited liquidity. CVX tokens are locked and staked, meaning the circulating token supply is about to reach the maximum supply.
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