Popular cryptocurrency analyst and enthusiast Doctor Profit boldly predicted that Ethereum will undergo a massive parabolic move: Spot ETH ETF News that it will be launched before the end of the year has caught the attention of the cryptocurrency industry.
Ethereum Expects Major Price Rally After Spot ETH ETF
at post On the X (formerly Twitter) platform, Doctor Profit emphasized that all eyes are now on the shining bull Ethereum, something he has been predicting for years. Now, with the launch of a spot ETH ETF, the expert believes that this crypto asset is finally ready to dominate the crypto market, and he expects a huge parabolic move for ETH this year.
Related: Spot Ethereum ETFs Are Bullish on ETH Prices? Analyst Reveals Bullish Setup
While some industry experts may view this development as a news-selling phenomenon that will lead to a correction, Doctor Profit disagrees with this narrative. He points out that the market may have already considered the launch of a spot ETF, but has not yet considered the massive inflows that will be poured into the product.
This causes Doctor Profit to price Ethereum If the same amount of capital flowing into a spot Bitcoin ETF were invested in ETH, it would have a 209% greater impact than Bitcoin. This is because ETH has a market cap 3x smaller than Bitcoin, so any capital invested in the crypto asset would have a price impact 3x greater than BTC.
Doctor Profit also argues that recent developments surrounding ETH suggest that the token is poised to become the dominant force in this bull cycle, which so far has been Bitcoin. The analyst notes that while ETH may not be in a bullish trend against BTC, he believes that a breakout from the downtrend against BTC could soon occur as Bitcoin’s dominance begins to show its first signs of correction.
So far, altcoins have been on an upward trend due to the following factors: Bitcoin-led pump. However, with BTC’s dominance now starting to decline, Doctor Profit is confident that ETH will lead the alt coin market in the coming months as the alt season unfolds.
ETH is expected to be priced between $10,000 and $14,000 within a year.
attache Spot BTC ETF‘ Market entry, Doctor Profit noted that BTC corrected by 20% before recovering after about 10 days. However, for Ethereum, the analyst does not expect such a large correction, suggesting an immediate positive price reaction after the launch of a spot ETH ETF.
Related: Ethereum ETF Will “Bring All Altcoins to Wall Street” – Anthony Pompliano
As a result, he set the following main goals: Ethereum Within a year, it will be between $10,000 and $14,000. According to the analyst, this is the area where he will start selling his ETH stakes, which he acquired between $80 and $2,800.
So far, he has urged investors not to panic about short-term price manipulation, especially the expected ETHE selling pressure as seen with Grayscale’s GBTC. While these developments may cause fear among investors, he noted that the selling pressure will be short-lived.
Featured image from iStock, charts from Tradingview.com