Markets
Ethereum Price Will Rise 500% This Cycle During ETF Approval – Cryptocurrency Expert
- The price of ether will rise between $15,000 and $22,500 this cycle, says Rachel Lin, CEO of SynFutures.
- According to her, demand factors and the stalling of new supply add a price lift to the currency.
- “Now that the ETH spot ETF has been approved, all indicators point to a massive ETH bull run in the coming months,” he said.
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The positive verdict on site ether According to Rachel Lin, CEO of SynFutures, ETFs will kick off a price rally last week.
According to commentary published Thursday after the funding approval, Lin predicts that Ether could reach between $15,000 and $22,500 this cycle. The high-end forecast implies a 503% gain from current price levels of around $3,890.
“The approval of the Ethereum ETF is one of the most significant bullish events for Ethereum and the entire ecosystem,” Lin wrote, adding: “Even if the ETH ETF does not gain as much traction as bitcoin in the initial weeks and months, it will still likely attract an incredibly large amount of capital in the long run.”
A few reasons support his thesis, but overall it is that ethereum is a tough contender against bitcoin.
For one thing, ether offers an annual return through staking and is more than just a store of value asset. The Ethereum blockchain is exposed to technologies like DeFi and NFTs, giving it more features than Bitcoin.
“Bitcoin could become the Dow Jones of cryptocurrency ETFs, while Ethereum its NASDAQ,” Lin said.
The upside will also come from a well-established correlation between Bitcoin and Ether prices, which should actually strengthen, Lin said. This is not only due to the growing demand for tech cryptocurrencies, but also a major supply shift that occurred in September 2022:
“The 20 month period prior to that date saw the supply of ETH increase from 114 million to 120 million, an increase of 5%. Today, 20 months from that date, the supply of ETH remains at the same 120 million,” Lin said. “Bitcoin, on the other hand, saw its supply increase by 2.9% over the same period.”
If so, Ether could reach the $22,500 target if Bitcoin manages to rise to $150,000 this year, a frequent estimate published by Standard Chartered. The asset is currently trading at over $68,000.
“Overall, I know the market is bullish on Ethereum right now, but it’s not bullish enough. Now that the ETH spot ETF has been approved, all indicators point to a massive ETH bull run in the coming months,” he wrote Lin.
While it could still be weeks before the new ETFs begin trading, their approval has sparked a wave of bullish enthusiasm, even if few see prices reaching the levels Lin predicted. For example, Standard Chartered expects ether to hit $8,000 by the end of this year.