Analysts Anticipate Ethereum’s Bullish Momentum in 2024, Citing Potential 50% Surge Upon ETF Approval
As we approach 2024, Ethereum (ETH) is becoming a focal point for cryptocurrency enthusiasts, with the potential approval of spot Ethereum ETFs expected to drive its price up by over 50%, according to renowned pseudonymous analyst Pentoshi.
Pentoshi recently shared insights on the forthcoming approval of Ethereum ETFs, drawing parallels with the Bitcoin ETF saga. He notes that they have been actively promoting the Bitcoin ETF since it was priced between $25,000 and $28,000, and now they will have the opportunity to do the same with the ETH ETF in 2024.
Regardless of personal beliefs, Pentoshi explains that it all comes down to game theory. As the approval date approaches, people will be less willing to sell their ETH, while others will feel the need to buy, potentially driving the price to new heights. Pentoshi mentions price levels of $2,700 and $3,400 as possibilities.
Leading players in the asset management industry, including BlackRock, Fidelity, and Hashdex, have recently submitted applications for spot-based Ethereum ETFs to the U.S. Securities and Exchange Commission (SEC). This surge in institutional interest is reshaping the narrative around Ethereum, as experts anticipate a bullish momentum.
Pentoshi’s optimism aligns with other crypto strategists, such as Michaël van de Poppe, who predicts a promising year for Ethereum. Van de Poppe emphasizes that Ethereum is far from dead and dismisses the notion that other ecosystems are superior. According to him, the first quarter of 2024 will be the best for ETH, with a bottoming period expected three to eight months prior to Bitcoin halving.
Van de Poppe’s chart indicates that the ETH/BTC pair is projected to rally towards its target of 0.12 BTC, equivalent to $5,243, by April next year. Currently, ETH/BTC is trading at 0.053 BTC ($2,297), indicating significant potential for growth in the coming months.
Technical analysis further supports the notion that Ethereum has the potential to outpace Bitcoin, adding to the positive outlook for the cryptocurrency in 2024.