Is Ethereum Poised For A Record Break? Top Analyst Says $5K is Coming Soon – Here’s Why
June 18 2024 - 1:00AM
NEWSBTC
Prominent crypto analyst Jelle has projected Ethereum (ETH) to
surge to $5,000 by the end of this year. This prediction comes with
a notable reason from a technical perspective. Ethereum Rally:
Setting the Stage For New Peaks Jelle’s forecast comes after
Ethereum is experiencing a form of stabilization above the $3,500
mark, following a correction from its March high of over $4,000.
Related Reading: Bitcoin, But Ethereum Holds Potential for Surprise
— QCP Capital As the crypto community watches closely, Jelle’s
insights suggest significant bullish potential for Ethereum,
particularly as the market anticipates the launch of spot Ethereum
exchange-traded funds (ETFs). Jelle’s analysis points to a pivotal
moment for Ethereum. After a brief dip in price, Ethereum has
rebounded, reaching as low as $3,384 last Friday; the asset is
currently trading around the $3,500 mark and demonstrating a
recovery though with a 2.2% decrease in the last 24 hours and
nearly 5% over the past week. This stabilization is a minor
fluctuation and a critical support level that could foresee
significant price movements. According to Jelle, “ETH successfully
turned $3,500 into support. Very few people are ready for this one
to make new all-time highs, but $5,000 ETH is very much on the menu
this year. Let’s roll.” This statement underscores a strong
conviction that Ethereum is recovering and gearing up for a
substantial upward trajectory. The current market dynamics provide
a fertile ground for such optimism. Ethereum’s resilience in
maintaining key support levels amidst market fluctuations bodes
well for its potential to breach previous highs. The anticipated
introduction of spot Ethereum ETFs is expected to inject further
vigor into its market cap, attracting institutional and retail
investors drawn to its ecosystem and the promise of enhanced
liquidity and regulatory compliance. $ETH successfully turned
$3,500 into support! Very few people are ready for this one to make
new all-time highs, but $5,000 ETH is very much on the menu this
year. Let’s roll. pic.twitter.com/k438SvCX2o — Jelle
(@CryptoJelleNL) June 17, 2024 Strategic Movements and Market
Sentiments The broader crypto market, especially Ethereum, is
buzzing with activity, anticipating the spot on ETH ETFs. Recent
data from NewsBTC highlights that the crypto community is
particularly bullish on Ethereum, as evidenced by the substantial
number of contracts that expire ETH options. Most of these are call
options, betting on Ethereum’s price rise, with a notably low
put-call ratio of 0.36, signaling a strong bullish sentiment among
traders. This optimistic outlook is further supported by
significant buying activities from permanent holders, particularly
institutions. On June 12, these investors made one of the largest
daily purchases of Ethereum, buying 298,000 ETH, just shy of the
record 317,000 ETH purchased on September 11, 2023. Such investment
activity not only underscores the confidence in Ethereum’s
long-term value but also indicates a market poised for a rally,
especially with potential catalysts such as the approval of ETH
spot ETFs on the horizon. Related Reading: Ethereum Withdrawals
From Coinbase Top $1.2 Billion, What’s Going On? Moreover, QCP
Capital’s analysis reinforces this sentiment, noting Ethereum’s
higher implied volatility than Bitcoin. This suggests that while
the general crypto market might experience subdued activity by
summer, Ethereum could see significant trading volumes and price
action, particularly if the ETFs start trading live. Featured image
created with DALL-E, Chart from TradingView
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