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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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Home Ethereum

Crypto Analyst Unveils Bullish End Of Year Predictions For Ethereum

January 12, 2024
in Ethereum
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Crypto Analyst Unveils Bullish End Of Year Predictions For Ethereum
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Crypto Expert Anthony Sassano has provided a bullish narrative for the Ethereum ecosystem. Based on this, he believes that Ethereum could hit a new all-time high (ATH) this year. The analyst also went as far as predicting what price level ETH could hit in particular. 

ETH Could Rise To As High As $10,000 This Year

Sassano stated that ETH could hit $10,000 if the Ethereum Spot ETF hype were to get “ahead of itself.” These ETFs are believed to be next in line for an approval order by the Securities and Exchange Commission (SEC). That could explain why the crypto expert has handpicked them as the catalyst for this massive increase in ETH’s price. 

Meanwhile, even if the $10,000 price level isn’t attained, Sassano believes that ETH could still rise to as high as $6,000 before the year runs out. Before making these price predictions, he had explained why he was so bullish on the Ethereum ecosystem. According to him, Ethereum is going to gain a lot of interest from institutions because of the yield it affords them. 

Ethereum, being a proof-of-stake network, provides an opportunity for investors to stake their ETH tokens and earn some rewards in return. This institutional interest in Ethereum is going to be further driven by the launch of Ethereum Spot ETFs, Sassano opined. He further suggested these yields will also give Ethereum an edge over Bitcoin. 

Interestingly, crypto analyst Altcoin Daily had before now stated that ETH hitting $10,000 was “programmed.” He alluded to the higher yields on the network as one of the reasons for his assertion. However, unlike Sassano, Altcoin Daily didn’t suggest a timeline for when the crypto token will hit this price level. 

See also  The Top Move-To-Earn Crypto Games of 2024

Ethereum price chart from Tradingview.com

ETH price crosses $2,600 resistance | Source: ETHUSD on Tradingview.com

Is The Market’s Attention Turning To Ethereum?

ETH rallied following the SEC’s approval of the Spot Bitcoin ETFs on January 10, while Bitcoin didn’t see much action. That could suggest that the market was already turning its attention to the Ethereum Spot ETFs. It also shows that the Bitcoin market was likely already priced in before the approval came in. 

If that is the case, the second-largest crypto token by market cap could begin to post some major gains ahead of a potential approval of the Ethereum ETFs in May. This would be something similar to what happened with Bitcoin, which resurged on the back of rumors involving the Spot Bitcoin ETFs. 

At the time of writing, ETH is trading at around $2,580, down in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Cointribune, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

READ ALSO

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Crypto Expert Anthony Sassano has provided a bullish narrative for the Ethereum ecosystem. Based on this, he believes that Ethereum could hit a new all-time high (ATH) this year. The analyst also went as far as predicting what price level ETH could hit in particular. 

See also  Dogecoin Aggressive 13% Surge: Fear/Greed Index Bullish Secrets

ETH Could Rise To As High As $10,000 This Year

Sassano stated that ETH could hit $10,000 if the Ethereum Spot ETF hype were to get “ahead of itself.” These ETFs are believed to be next in line for an approval order by the Securities and Exchange Commission (SEC). That could explain why the crypto expert has handpicked them as the catalyst for this massive increase in ETH’s price. 

Meanwhile, even if the $10,000 price level isn’t attained, Sassano believes that ETH could still rise to as high as $6,000 before the year runs out. Before making these price predictions, he had explained why he was so bullish on the Ethereum ecosystem. According to him, Ethereum is going to gain a lot of interest from institutions because of the yield it affords them. 

Ethereum, being a proof-of-stake network, provides an opportunity for investors to stake their ETH tokens and earn some rewards in return. This institutional interest in Ethereum is going to be further driven by the launch of Ethereum Spot ETFs, Sassano opined. He further suggested these yields will also give Ethereum an edge over Bitcoin. 

Interestingly, crypto analyst Altcoin Daily had before now stated that ETH hitting $10,000 was “programmed.” He alluded to the higher yields on the network as one of the reasons for his assertion. However, unlike Sassano, Altcoin Daily didn’t suggest a timeline for when the crypto token will hit this price level. 

Ethereum price chart from Tradingview.com

ETH price crosses $2,600 resistance | Source: ETHUSD on Tradingview.com

Is The Market’s Attention Turning To Ethereum?

ETH rallied following the SEC’s approval of the Spot Bitcoin ETFs on January 10, while Bitcoin didn’t see much action. That could suggest that the market was already turning its attention to the Ethereum Spot ETFs. It also shows that the Bitcoin market was likely already priced in before the approval came in. 

See also  Ethereum MVRV Ratio Nears 160-Day MA Crossover – Accumulation Trend Ahead?

If that is the case, the second-largest crypto token by market cap could begin to post some major gains ahead of a potential approval of the Ethereum ETFs in May. This would be something similar to what happened with Bitcoin, which resurged on the back of rumors involving the Spot Bitcoin ETFs. 

At the time of writing, ETH is trading at around $2,580, down in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Cointribune, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Tags: AnalystBullishCryptoEthereumpredictionsUnveilsYear

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Comments 27

  1. Renate Larosa says:
    8 months ago

    Hi there just wanted to give you a quick heads up and let you know a few of the images aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different web browsers and both show the same results.

    Reply
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