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Analyst Foresees a Bullish Trajectory of Ethereum Amidst FUDs

source-logo  coinedition.com 21 September 2023 15:11, UTC

Amidst an environment of fear, uncertainty, and doubt (FUD), Crypto Discover, the renowned platform that presents updates on digital assets, recently shared optimistic views on ETH, the second-largest crypto by market cap.

The YouTube video began by hailing ETH as the “Queen of Cryptos,” providing three major reasons for the cryptocurrency to remain “as healthy as ever.” The video’s host presented the potential impacts of the Ethereum Futures ETF, claiming that its benefits couldn’t be “understated.”

He argued that with the approval of ETH ETFs, the asset’s price could surge, drawing insights from the bullish trajectory of Bitcoin (BTC), which rose 60% following the launch of the first Bitcoin Futures ETF.

Secondly, the host shed light on Ethereum’s recent Holesky upgrade, which would bring 1.4 million validators to the blockchain network, replacing its largest existing test net, Goerli. As per the host, the new upgrade could implement more realistic network testing conditions for the developers, thereby resolving any future issues and paving the way for potential projects on the blockchain.

Finally, as the third reason for the host’s bullish beliefs in ETH, he unveiled the historical trend of whales amassing ether when it sees a dip. Illustrating with an example, he narrated the recent accumulation of ETH by whales, following the hack of Vitalik Buterin’s X account and the subsequent price fall.

In related news, more than 12 industry giants, including 21Shares and Ark Invest, have filed for ETH ETFs, waiting for approval from the U.S. Securities and Exchange Commission (SEC). A Bloomberg report speculated that the regulators could make no objections to the filings and would approve them in October.