Ethereum
Ethereum Rally Expected With Launch of Spot ETFs, Analyst Predicts by CoinEdition
- Michaël van de Poppe expresses an optimistic vision against a backdrop of decline.
- He anticipates a possible increase with the upcoming trading of the ETH ETF.
- Analysts Mags and Yoddha predict that Ethereum will hit a high of around $15,000 this season.
Analyst Michaël van de Poppe expressed an optimistic outlook for Ethereum (ETH) and related tokens, anticipating a price rise as the approval of Ethereum spot exchange-traded funds (ETFs) nears.
In a recent update on X (formerly Twitter), Poppe expressed his confidence in ETH despite continued bearish pressure in the market.
#Ethereum has been correcting over the past three weeks, but slowly but surely, momentum towards the Ethereum ETF listing will start to emerge. The ETF is expected to go live in July. I am betting on the ETH ecosystem and it is holding a crucial level of support. pic.twitter.com/BfUQt4hRiX
– Michaël van de Poppe (@CryptoMichNL) June 14, 2024
Poppe acknowledged that Ethereum has retraced most of the gains made over the past three weeks, with its current price at $3,510, down 8% from its weekly high. He suggested that momentum toward listing an Ethereum spot ETF is gradually building, similar to the surge seen in late May during the initial SEC filing frenzy.
Specifically, on May 20, ETH traded at a low of $3,050, but jumped about 20% to $3,800 the next day, amid speculation that the SEC would approve the applications of pending ETFs. Approval finally came three days later, but ETH’s bullish momentum had already calmed.
With approved Ethereum spot ETFs expected to begin trading in July, Poppe predicts a similar increase, potentially replicating the 20% spike within hours. He revealed that he is investing in the ETH ecosystem, noting that it maintains a crucial support level.
Notably, Michaël van de Poppe’s optimistic vision of ETH is widely shared in the community. Recently, on-chain analyst Mags expressed optimism about ETH, suggesting that the asset is forming a structure reminiscent of the previous cycle, which saw a 13x increase. Mags predicts a peak of around $15,000 for Ethereum this cycle. Likewise, technical analyst Yoddha identified Ethereum as one of the most promising altcoins currently, noting that it is already trading above its previous yearly high and proposing a similar target in the $15,000 range.
The post Ethereum Rally Expected as Spot ETFs Launch, Analyst Forecasts appeared first on Coin Edition.