Ethereum Surges on ETF Launch Hype! Top Analyst Eyes $12,000 Target (2024)

Mustafa Mulla

Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
May 27, 2024 12:43 UTC
[article_wishlist article_id="308769" article_link="https://coinpedia.org/news/top-analyst-predicts-ethereum-price-to-reach-12k-as-soon-eth-etf-goes-live/"]

Ethereum Surges on ETF Launch Hype! Top Analyst Eyes $12,000 Target (7)

Story Highlights

Analyst predicts Ethereum could reach $9,500 to $12,000 with increasing political support.
Bitcoin's stability at all-time highs suggests room for crypto market growth, aiding Ethereum.
DeFiance Capital founder predicts Ethereum will hit $4,500 before spot ETH ETF trading begins.

Excitement is brewing in the Ethereum (ETH) community as the launch of spot Ether ETFs approaches in the coming months. Could this be a game-changer for ETH?

The last 24 hours have seen a notable 5% surge in ETH’s value, now trading at $3,907 with a hefty market cap of $468 billion. But that’s not all – trading volumes have surged by a whopping 68%, hitting nearly $17 billion.

What’s best is that this could be just the beginning. Dive deeper to find out what analysts are predicting for Ethereum’s future and if this surge is a sign of things to come.

Bold Market Outlook

Renowned crypto analyst Defi Mochi has set his sights on a target price range for Ethereum, aiming between $9,500 to $12,000. This optimistic forecast is grounded in several key factors shaping the crypto market’s trajectory.

Defi Mochi highlights the increasing political support for cryptocurrencies as a major driver behind his prediction. As governments worldwide embrace digital currencies, the legitimacy and potential of crypto assets continue to grow.

With that said my realistic target for $ETH is approximately in the $9.5k to $12k range.
Given
◆ increased political support for crypto
◆$BTC being barely at previous ATHs
◆ increased adoption of $ETH by institutions
I Think none of us are bullish enough on Ultrasound Money.
— Defi_Mochi (@defi_mochi) May 26, 2024

Another significant factor fueling analyst optimism is Ethereum’s adoption by institutional investors. Ethereum’s appeal extends far beyond its role as a digital currency, attracting interest for its broader potential.

An Opportunity is Brewing

Bitcoin (BTC) holding at its previous all-time highs suggests ample room for growth in the crypto market. Coupled with Ethereum’s rising institutional interest, this sets the stage for Ethereum to flourish.

What Next for ETH Price?

Echoing a similar bullish stance Arthur, the founder of DeFiance Capital, predicts that Ethereum (ETH) will reach $4,500 before spot ETH ETF trading begins. A survey by WuBlockchain in the Chinese community supports this optimism, with 58% of respondents believing ETH could rise to $10,000 or more in this market cycle.

DeFiance Capital founder Arthur predicts that ETH will be able to reach $4,500 before spot ETH ETF trading goes live. A survey conducted by WuBlockchain in the Chinese community shows that 58% people believe that ETH can rise to $10,000 and even more in this cycle.… pic.twitter.com/WaYdCyhKS4
— Wu Blockchain (@WuBlockchain) May 27, 2024

Data from a Santiment chart reveals that as of May 19, the top 1,000 largest wallets collectively held a substantial amount of ETH, signaling strong confidence from major investors.

Also Check Out: Ethereum Price To Hit This Level Before ETH ETF Trading Goes Live

With bullish projections and institutional support, Ethereum’s journey to new heights seems promising.