Ethereum
Ethereum Price Will Hit $10,000, ‘Just Like Tokens Fell,’ Analyst Says
Crypto analyst and trader Tyler Durden revealed his bullish sentiment towards Ethereum (ETH). The analyst suggested that the The rise in ETH was inevitable and that it was better for traders to follow the flow of the tide.
Ethereum expected to reach $10,000
Durden mentioned in an X (formerly Twitter) job that Ethereum at $10,000 is the “most asymmetric bet” in crypto today. He added that “as boring as it may sound, [it’s] just the way the chips fell”, suggesting that The rise of ETH at this price level was inevitable. He also hinted that he would bet on ETH regardless of what he thought of the crypto token, as he noted that traders “trade the market” and not their emotions.
The analyst suggested that the Spot ETF Ethereum will be the key to ETH’s rise to $10,000. He claimed that Wall Street went to great lengths to ensure that Ethereum ETFs were approved, including moving Ethereum from a title. As such, he believes that these institutional investors will ensure that they make as much money as possible from these funds while increasing the price of Ethereum.
Other analysts also shared similar sentiments to Durden, predicting that Spot Ethereum ETFs will contribute to a massive rally for ETH. Also crypto analysts Ash Crypto and Eljaboom recently predicted that ETH would reach $10,000 with these funds. Ash Crypto said it is only a “matter of time” before Ethereum hits this price level, and Spot Ethereum ETFs should begin trading soon enough.
Also Altcoin Daily crypto analysts previously mentioned that $10,000 ETH is “timed” and mentioned Spot Ethereum ETFs as one of the reasons they believe the crypto token could reach this price level. According to Eric Balchunas, analyst at BloombergThese Spot Ethereum ETFs could start trading by July 2.
These funds are expected to contribute to the parabolic rise of ETH due to the significant inflows they could bring to the Ethereum ecosystem. Cryptography research firm K33 predicts that these funds could attract between $3.1 billion and $4.8 billion in net inflows in the first five months of trading.
Why it’s not worth betting against ETH
Durden referred to the United States Securities and Exchange Commission (SEC) decision to drop its investigation against ETH to further highlight why betting on Ethereum was a no-brainer. Ethereum developer Consensys revealed in an article SEC Enforcement Division had informed them that they were closing the investigation into whether ETH was a security.
They added that this means the SEC would no longer bring charges alleging that the sale of ETH is a securities transaction. The potential SEC lawsuit against Ethereum is expected to be a major catalyst that could drive down the price of ETH, much like the SEC Lawsuit Against RippleWhich one is believed have had a negative impact on the price of XRP.
However, with the SEC opting not to pursue charges against Ethereum, the ETH price appears poised to take off as this development adds to the bullish narrative around the crypto token.
Featured image created with Dall.E, chart from Tradingview.com