Key Points
- After the approval of Ethereum ETFs, ETH’s price is expected to rise significantly in the near future.
- Crypto analysts predict Ethereum’s price could reach between $9,500 to $12,000, with key resistance levels to watch.
Following the green light for Ethereum exchange-traded funds (ETFs), which is anticipated to commence trading in the upcoming months, several analysts have made bullish predictions about Ethereum’s price.
Ethereum’s price has been on an upward trajectory, increasing by 3% in the last 24 hours and 7% over the last three days. This upward trend shows that buyers are in control. At the moment, Ethereum is trading at $3,880. However, many analysts believe this is a temporary figure and predict a much higher future price, with estimates reaching as high as $12,000 in the medium term.
Analysts Predict $9,500 to $12,000 Price Targets
Crypto analyst Defi_Mochi, who has a following of over 83,000 on X, has shared insights about Ethereum’s future price. He suggests that the price could climb as high as $9,500 to $12,000. Defi_Mochi cites factors such as growing interest from large institutions, increased political support for cryptocurrencies, and Bitcoin’s market position as potential catalysts for Ethereum reaching these price targets. According to Mochi, if Ethereum can secure an inflow similar to what Bitcoin received after its ETF approval, Ethereum’s price could increase by over 50% upon the launch of its ETF trading.
Defi_Mochi also emphasized Ethereum’s dominance over other altcoins. He predicts that Ethereum’s dominance will continue to grow and may even surpass 24% compared to other altcoins.
Breaking Resistance Levels Before Spike to $5,000
On-chain analyst Ali, another influencer on X with over 62,000 followers, also analyzed Ethereum’s price movement. Ali suggests that if Ethereum can break through its resistance zone between $3,700 and $3,820, its price will spike further. He identifies other key resistance levels at $3,940, $4,050, and $4,170.
According to Ali’s analysis, if Ethereum can break above these key resistances, it could achieve new all-time highs and potentially reach as high as $5,000. However, Ethereum must first break above the immediate resistance; otherwise, Ali predicts a drop to as low as $3,462.
This bullish sentiment has been echoed by DeFiance Capital founder, Arthur Cheong, who predicted that Ethereum could surge to $4,500 before the spot Ethereum ETF goes live. A survey conducted by WuBlockchain within the Chinese community revealed that about 58% believe Ethereum could soar to $10,000 and beyond, while 21% anticipate a rise to between $6,000 and $7,000.
The approval of Ethereum’s ETF is significant to Ethereum’s price rise. Like Bitcoin, which saw a surge to all-time highs weeks after the BTC Spot ETF approval, Ethereum is also expected to follow suit. Since Ethereum has a significantly lower market cap than Bitcoin, large inflows similar to those seen by Bitcoin are expected to trigger stronger bullish moves.