Several predictions about the future price development of Ethereum (ETH) have been made following the upcoming launch of spot Ethereum ETFs.
Of these predictions, one stands out the most: ETH could match the remarkable gains that Bitcoin (BTC) made between 2023 and 2024, when Bitcoin rose from $26,000 to an all-time high of $73,750.
Ethereum ETF could spark new bull run, analyst predicts
An anonymous analyst on X Follis stated that the upcoming Ethereum ETF could move ETH’s price like BTC has in the past, with a potential increase of 200%. Ethereum is currently trading at $3,130, but the analyst predicts the price will rise to $9,324 by the end of the year.
Demand would have to increase significantly for such a price increase to occur. The first signs of this increased interest were when ETH whales moved a significant amount of money, as reported by Spot On Chain.
Everyone focused on Germany and Mt Gox
Meanwhile, the Ethereum ETF is about to launch and the $ETH graph looks identical to $BTC before it rose +200% last year
Study ETF rallies photo.twitter.com/VWENNnO8dN
— Follis (@follis_) July 9, 2024
A whale was observed withdrawing $50.30 million worth of ETH in the early morning of July 10th, marking the first significant increase since the Ethereum ETF began to gain traction.
Recent events, which saw a whale sell $12 million worth of Ethereum, stand in stark contrast to this claim. This behavioral shift among Ethereum whales—from spreading their holdings to making bulk purchases—is corroborated by other Glassnode data.
This is evidenced by the increase in addresses with $1 million or more in Ethereum value at the time of reporting, from 14,217 on July 7 to 14,823 at the time of reporting. This suggests increased demand for Ethereum and hope for the spot ETF to be approved.
Unlike Bitcoin, Ethereum has seen a more severe price correction. ETH’s price dropped by 24.65% between May 28 and July 9, while Bitcoin’s price dropped by a smaller amount, 19.43%.
Despite this, Bitcoin is still the most valuable cryptocurrency according to market valuation and is still outperforming Ethereum according to bullish signals.
Cautious optimism
Historically, however, ETH’s heavier price declines have provided opportunities for large rebounds. A double bottom formation is currently visible on the daily ETH/USD chart, indicating a potential bullish reversal.
Two lows close to the same price level, indicating stabilization and a possible uptrend, help identify this formation.
The last time such a pattern appeared on the Ethereum chart was in January 2024. After that, the price of ETH rose by 81.94% and reached $4,067 in April.
If past events repeat themselves in a similar manner, Ethereum price could reach $5,625 by the end of September. Nevertheless, the short-term outlook for Ethereum is still positive, provided the bulls can hold their support level of $2,934.
Is ETH About to EXPLODE? There Could Be Potential for a Bitcoin-Like Rally
Analysts are optimistic about Ethereum’s future, with some predicting a surge similar to Bitcoin’s due to the impending launch of spot Ethereum ETFs. The likelihood of increased demand, particularly in light of recent whale activity, fuels the possibility of a price surge.
Source: Glassnode
Ethereum’s price adjustment is more notable than Bitcoin’s, but there seems to be a growing interest in the cryptocurrency. This is due to the shift from whale selling to accumulation and the increase in Ethereum holdings by high net worth individuals.
Should the expected influx of institutional capital via ETFs materialize, ETH’s price could experience a similar surge to Bitcoin’s during the 2023-2024 rally.
