Analyst Predicts Ethereum Rally Triggered by Spot ETF Approval
A well-known analyst predicts that Ethereum (ETH) will experience a significant rally due to the potential approval of spot Ethereum exchange-traded funds (ETFs). The analyst, known as Pentoshi, believes that the anticipation of spot ETF approval will generate bullish momentum for Ethereum. Several asset management firms, including BlackRock and Fidelity, have filed applications for spot-based Ethereum ETFs with the SEC.
Ethereum’s Potential Bottom Against Bitcoin
Another trader, Michaël van de Poppe, shares a chart indicating that Ethereum is likely carving a bottom against Bitcoin (ETH/BTC). He suggests that the first quarter of 2024 could be the best quarter for ETH, leading to a potential rally towards his target of 0.12 BTC ($5,243) by April next year. Currently, ETH/BTC is trading at 0.05257 BTC ($2,297).
Hot Take: Ethereum’s Bullish Prospects
Analysts are optimistic about the future of Ethereum. With the potential approval of spot ETFs and the possibility of a bottom against Bitcoin, ETH could experience a significant surge in value. Traders and investors are eagerly awaiting these catalysts and may be less willing to sell as the events draw closer. If these predictions hold true, Ethereum could see a nearly 50% increase in price in the coming months.
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