Ethereum Bull Case: ‘$5,000+ in 2024, But It Won’t Be a Straight Road,’ Trader Says

Cryptocurrency Trader and Researcher Teng Yan predicts a bullish future for Ethereum ETH/USD, forecasting a value of over $5,000 in 2024.

What happened: A Tuesday job on X, the trader anticipates the launch of spot Ethereum ETFs around July 15, which he said could trigger a relief rally.

Yan also expects initial flows of spot ETFs to exceed 12-month expectations. He argues that traditional financial investors who have invested in the Bitcoin The BTC/USD ETF will likely diversify by also purchasing ETH, thereby capturing a broader segment of the cryptocurrency market and reducing the perceived risk associated with a single asset.

The trader expects Ethereum prices to hit $5,000 or more in 2024 and there are plenty of reasons to be bullish in the short term as well. However, he warns that it won’t be a “straight path.” He added: “With the summer holidays, big money may not be available to buy until August.”

Read also : Ethereum Traders Sell $41M in ETH, But ‘Bears Will Exhaust’, Trader Says

Why is this important: Yan’s optimistic outlook comes at a time when Ethereum sentiment is at an all-time low despite the impending ETF launch. He believes that many marginalized investors and traders view the current market as a bear market inflection point. However, if prices start to rise convincingly, these investors will likely buy back in.

Yan too points He points to the improving macroeconomic environment, with markets pricing in a 73% chance of a rate cut in September. He also raises the possibility that Trump wins the election, which could mean a better regulatory outlook for cryptocurrencies.

The trader also sees better regulatory prospects for crypto as Donald Trump has a good chance of winning the election.

And after: The influence of Ethereum as an Institutional Asset Class should be explored in depth in Benzinga’s next project The Future of Digital Assets event on November 19.

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