Ethereum Analysts Bullish on ETH Price, Point to Price Targets and Key Levels to Watch

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As a researcher with a background in cryptocurrencies and a keen interest in Ethereum’s price movements, I believe that the approval of Ethereum exchange-traded funds (ETFs) could lead to significant price increases for ETH. Based on the analysis of several crypto experts, including Defi_Mochi and Ali, there is a strong possibility that Ethereum’s price could reach new all-time highs in the near future.

After the recent green light given for Ethereum exchange-traded funds (ETFs), set to begin trading later this year, various Ethereum market forecasters have shared their insights on possible price movements for the second largest cryptocurrency in the upcoming period.

Ethereum’s price has persisted in its upward trend, gaining 3% over the past 24 hours and an additional 4% in the preceding three days. This surge indicates that demand from buyers is outpacing supply. Currently, Ethereum is priced at $3,880. However, some market analysts predict that this figure is temporary, and the coin could potentially reach prices as high as $12,000 in the coming months.

Analysts Forecast $9,500 to $12,000 Price Targets

A prominent crypto analyst named Defi_Mochi, with a following of more than 83 thousand on X, shared his perspective on Ethereum’s potential future price and identified factors that could push ETH to reach heights between $9,500 and $12,000. These factors include the expanding interest of large institutions in Ethereum, growing political endorsement for cryptocurrencies, and Bitcoin‘s market dominance. Defi_Mochi suggested that if Ethereum manages to attract a comparable influx of funds as Bitcoin did following its ETF approval, the price of ETH could surge by over 50% upon the launch of its own ETF trading.

As a crypto investor, I’ve noticed the significant growth and acceptance of Ethereum (ETH) in the institutional market. Setting it apart from other altcoins, ETH has managed to establish itself as a preferred choice for institutions. Looking ahead, I anticipate Ethereum’s dominance to expand even further, potentially surpassing 24% market share compared to its altcoin counterparts.

Breaking Resistance Levels Before Spike to $5,000

Just like Ali, an esteemed on-chain analyst on platform X with a substantial following of over 62 thousand people, delved into the analysis of Ethereum’s price trend in a recent post. In his insightful piece, Ali pointed out that if Ethereum manages to surpass its resistance zone, which lies between $3,700 and $3,820, then we can anticipate further price increases. Furthermore, he identified additional resistance levels at $3,940, $4,050, and finally, $4,170.

Alternatively, the significant resistance level for Ethereum lies between $3,940 and $4,054. Approximately 1.16 million wallets hold around 574,660 ETH at these price points.
If $ETH overcomes this hurdle and prints a daily candlestick close above $4,170, the bearish…
— Ali (@ali_charts) May 24, 2024

According to his assessment, should the price surpass the identified resistance levels, it has the potential to set new record highs and potentially reach up to $5,000. However, it is crucial for the price to overcome the immediate resistance first; otherwise, a downturn toward $3,462 may ensue.

The optimistic viewpoint towards Ethereum’s price growth is shared by Arthur Cheong, founder of DeFiance Capital, who anticipates Ethereum reaching $4,500 prior to the launch of the spot ETH Exchange Traded Fund (ETF). Additionally, a poll among the Chinese crypto community conducted by WuBlockchain reported that nearly six in ten respondents believe Ethereum could reach $10,000 or more, while approximately one in five anticipate a price rise between $6,000 and $7,000.

As a researcher studying the cryptocurrency market, I believe Ethereum’s (ETH) price rise is closely tied to the approval of an Ethereum Exchange-Traded Fund (ETF). Similar to how Bitcoin (BTC) experienced significant price increases following the approval of a Bitcoin Spot ETF, I anticipate a similar trend for ETH. Given its smaller market capitalization compared to BTC, any substantial inflows into an ETH ETF could potentially lead to even stronger bullish movements for Ethereum.

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2024-05-27 15:51