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Ethereum Rally Expected as Spot ETFs Launch, Analyst Predicts

Published 06/14/2024, 12:15 PM
Updated 06/14/2024, 03:30 PM
©  Reuters Ethereum Rally Expected as Spot ETFs Launch, Analyst Predicts
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  • Michaël van de Poppe expresses bullish outlook on Ethereum amid dip.
  • He anticipates a possible surge with the upcoming trading of ETH ETF.
  • Analysts Mags and Yoddha forecast Ethereum reaching a peak of around $15,000 this season.

Analyst Michaël van de Poppe has expressed a bullish outlook for Ethereum (ETH) and related tokens, anticipating a price surge as the approval of Ethereum spot exchange-traded funds (ETFs) looms.

In a recent update on X (formerly Twitter), Poppe conveyed his confidence in ETH despite ongoing bearish pressure in the market.

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 the momentum for listing an Ethereum spot ETF is gradually building, similar to the surge observed in late May during the initial SEC filing frenzy.

Specifically, on May 20, ETH traded at a low of $3,050 but surged by about 20% to $3,800 the next day amid speculation that the SEC would approve pending ETF applications. The approval eventually arrived three days later, but ETH’s bullish momentum had already subsided.

With the approved Ethereum spot ETFs expected to begin trading in July, Poppe anticipates a similar surge, 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 bullish view 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.Similarly, technical analyst Yoddha has 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 Predicts appeared first on Coin Edition.

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