Ethereum Price Expected to Surge to $12k Following ETH ETF Launch, Says Prominent Analyst
Ethereum (ETH) enthusiasts are becoming increasingly optimistic as the launch of spot Ether ETFs approaches in the next two months. In the past 24 hours, ETH has experienced a 5% surge and is currently trading at $3,907 with a market capitalization of $468 billion. Daily trading volumes have also seen a significant increase of 68%, reaching nearly $17 billion.
Prominent crypto analyst, Defi Mochi, has set a realistic target for Ethereum’s price between $9,500 and $12,000. This positive forecast is based on several key factors that are influencing the cryptocurrency market. Defi Mochi emphasizes the growing political support for cryptocurrencies as a major driver behind his prediction. As governments and regulatory bodies around the world begin to embrace digital currencies, the legitimacy and potential of crypto assets are expanding.
Defi Mochi also highlights the increased adoption of Ethereum by institutions as another compelling reason for his bullish stance. Over the past few years, institutional investors have shown significant interest in Ethereum, recognizing its potential beyond being just a digital currency.
Additionally, the analyst points out that Bitcoin (BTC) is barely maintaining its previous all-time highs, suggesting that there is ample room for growth within the crypto market. With the combination of political support, Bitcoin’s market position, and institutional interest, Ethereum has the potential to achieve the ambitious targets set by analysts.
In line with this optimistic outlook, Arthur, the founder of DeFiance Capital, shares a similar bullish stance and predicts that Ethereum will reach $4,500 before spot ETH ETF trading begins. A survey conducted by WuBlockchain in the Chinese community supports this optimism, with 58% of respondents believing that ETH could rise to $10,000 or even higher in this market cycle.
Moreover, a Santiment chart reveals that as of May 19, the top 1,000 largest wallets held a total of 76.01 million ETH, indicating strong confidence from major investors.