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Cryptocurrency analyst and enthusiast Dr. Profit boldly predicted that Ethereum will see a massive parabolic move after ETH ETFs Launching before the end of the year, which has gained attention in the cryptocurrency space.
Ethereum set for massive price surge after ETF launch
In the mail On the X platform (formerly Twitter), Dr. Profit highlighted that all eyes are now on Ethereum, the shining bull, which he has previously predicted over the years. Now, with the launch of Ethereum-specific spot ETFs, the expert believes that the crypto asset is finally ready to dominate the crypto market as he predicts a massive move for Ethereum this year.
Related reading: Are Ethereum Spot ETFs Positive for Ethereum Price? Analyst Reveals Bullish Setup
While some industry experts may see this development as a sell-off that could lead to a correction, Dr. Profit disagrees. He notes that the market may have already priced in the launch of a spot ETF, but has yet to factor in the massive inflows that will flow into the products.
Because of this, Dr. Profit is confident that the price of Ethereum Ethereum would be affected 209% more than Bitcoin if the same amount of capital flowing into Bitcoin ETFs were invested in Ethereum. This is because Ethereum’s market cap is three times smaller than Bitcoin’s, so any capital invested in the crypto asset would have a price impact three times greater than it would in Bitcoin.
Dr. Profit also claims that with the recent developments around Ethereum, the coin is poised to become the dominant force in this bullish cycle, which was previously Bitcoin. The analyst noted that while Ethereum may not be showing an uptrend against Bitcoin, he believes a breakout from the downtrend against Bitcoin could happen soon, as Bitcoin’s dominance is starting to show the first signs of a correction.
So far, altcoins have seen an upward surge driven by Bitcoin– Pump led. However, with BTC’s dominance now starting to wane, Dr. Profit is confident that ETH will lead altcoins into the altcoin season in the coming months.
ETH price is expected to range between $10k and $14k in a year.
the next BTC ETFs“After entering the market, Dr. Profit noted that Bitcoin corrected by 20% before recovering after about 10 days. However, the analyst does not expect much of a correction with Ethereum, indicating an immediate positive price response after the launch of Ethereum ETFs.
Related reading: Ethereum ETFs Will Lead “All Altcoins to Wall Street” – Anthony Pompliano
As a result, he has set his next major goals for: Ethereum Between $10,000 and $14,000 a year from now. According to the analyst, these levels are the areas where he will start selling his ETH holdings, which he got between $80 and $2,800.
So far, he has urged investors not to panic during short-term price manipulation, especially from the expected sell-off pressure on Grayscale ETHE as seen with GBTC. While this development may cause fear among investors, he noted that the selling pressure will be short-lived.
Featured image by iStock, chart by Tradingview.com
