200% Increase Likely as Ethereum Whales Change Positions?
The launch of spot Ethereum ETFs is nearing completion, and with it comes a wave of predictions about the future of ETH’s price. While some experts are bearish on Ethereum’s price, others are predicting a parabolic rally that could mirror Bitcoin’s performance.
One particularly intriguing forecast comes from a pseudonymous analyst on X Follis, who believes that the Ethereum ETF could propel ETH’s price to increase by 200%. Drawing parallels to Bitcoin’s performance between 2023 and 2024, where BTC surged from $26,000 to an all-time high of $73,750, the analyst predicts that ETH could reach $9,324 in less than a year.
Recent on-chain data also supports this bullish sentiment, as a whale recently withdrew $50.30 million worth of ETH, marking the first significant accumulation since the speculation around the impact of the Ethereum ETF began. This accumulation trend is further evidenced by the increasing number of addresses holding ETH worth $1 million or more, indicating growing demand for the cryptocurrency.
Despite a recent correction in ETH’s price, experts believe that a double bottom formation on the daily ETH/USD chart could signal a potential bullish reversal. If history repeats itself, ETH’s price could reach $5,625 by the end of September, provided that bulls defend the $2,934 support level.
With the Ethereum ETF launch on the horizon, ETH’s price outlook remains positive, with potential resistance levels at $3,555 and $3,758 if the financial product is well-received by the market. However, a pessimistic market sentiment post-launch could lead to a decline in ETH’s price.
As investors eagerly await the launch of Ethereum ETFs, the future of ETH’s price remains uncertain but filled with potential for significant growth.
