By
Mayowa Adebajo
June 17th, 2024
The price of Ethereum has continued its bullish momentum. It has increased by 3% in the last 24 hours, and 7% in the last three days.
Following the approval of the Ethereum exchange-traded funds (ETFs) last week, with trading expected to kick off in the coming months, several ETH analysts have made predictions about the potential price of the second-largest crypto in the near future.
The price of Ethereum has continued its bullish momentum. It has increased by 3% in the last 24 hours, part of a 7% move in the last three days, showing that buyers are more in control. At the time of writing, the coin’s price is trading at $3,880, but many analysts believe this is only temporal and a smaller figure compared to its expected future price, with forecasts ranging to as high as $12,000 in the medium term.
Analysts Forecast $9,500 to $12,000 Price Targets
A crypto analyst, Defi_Mochi, with over 83 thousand followers on X, gave some insight into the future price of ETH and how the coin could go as high as $9,500 to $12,000. The crypto analyst gave some factors that could catalyze the coin hitting the said price, such as the growing interest in large institutions’ adoption of Ethereum, increased political support for cryptocurrencies, and Bitcoin’s market position. Mochi stated that if Ethereum can secure a similar inflow to the one BTC got following its ETF approval, ETH price could increase by over 50% upon the launch of its ETF trading.
The analyst further stressed ETH’s dominance above other altcoins, stating that the coin has been able to distinguish itself from other altcoins as it has grown to be well-accepted as an institutional asset. He further predicted that Ethereum’s dominance will continue to increase and possibly surpass 24% compared to alts.
Breaking Resistance Levels Before Spike to $5,000
Similarly, Ali, an on-chain analyst on X with over 62 thousand followers, also analyzed the ETH price movement. In his post, he revealed that should the coin break from its resistance zone between $3,700 and $3,820, the price will spike further. The analyst sees other key resistance levels at $3,940, $4,050, and then $4,170.
On the other hand, the most important resistance barrier for #Ethereum is between $3,940 and $4,054. Here, over 1.16 million addresses had previously purchased around 574,660 #ETH.
If $ETH overcomes this hurdle and prints a daily candlestick close above $4,170, the bearish… pic.twitter.com/dsIAIwLsOC
— Ali (@ali_charts) May 24, 2024
Based on his analysis, if the price breaks above those key resistances, it will be able to achieve new all-time highs and could spike to as high as $5,000. However, the price must first break above the immediate resistance; otherwise, the analyst sees a breakdown to as low as $3,462.
This bullish sentiment has also been echoed by DeFiance Capital founder Arthur Cheong, who predicted that ETH could surge to $4,500 before the spot ETH ETF goes live. Similarly, a survey conducted by WuBlockchain within the Chinese community revealed that about 58% believed that ETH could soar to $10,000 and even beyond, while 21% believed that the coin would rise to between $6,000 and $7,000.
Ethereum’s ETF approval is significant to ETH’s price rise. Like Bitcoin, which soared to all-time highs weeks after BTC Spot ETF approval, the altcoin leader is also expected to follow suit. Since it has a significantly lower market cap than BTC, seeing large inflows similar to Bitcoin is expected to trigger stronger bullish moves.