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Ethereum Rally Expected as Spot ETFs Launch, Analyst Predicts

source-logo  coinedition.com 14 June 2024 19:24, UTC

Analyst Michaël van de Poppe has expressed a bullish outlook for Ethereum (ETH) and related tokens, anticipating a price surge as the approval of Ethereum spot exchange-traded funds (ETFs) looms.

In a recent update on X (formerly Twitter), Poppe conveyed his confidence in ETH despite ongoing bearish pressure in the market.

#Ethereum has corrected in the past three weeks, but slowly but surely, the momentum toward listing the Ethereum ETF will start to emerge.

The expectation is that the ETF will go live in July.

I’m betting on the ETH ecosystem and it holds a crucial support level. pic.twitter.com/BfUQt4hRiX

— Michaël van de Poppe (@CryptoMichNL) June 14, 2024

Poppe acknowledged that Ethereum has retraced most of the gains made over the past three weeks, with its current price at $3,510, down 8% from its weekly high. He suggested that the momentum for listing an Ethereum spot ETF is gradually building, similar to the surge observed in late May during the initial SEC filing frenzy.

Specifically, on May 20, ETH traded at a low of $3,050 but surged by about 20% to $3,800 the next day amid speculation that the SEC would approve pending ETF applications. The approval eventually arrived three days later, but ETH’s bullish momentum had already subsided.

With the approved Ethereum spot ETFs expected to begin trading in July, Poppe anticipates a similar surge, potentially replicating the 20% spike within hours. He revealed that he is investing in the ETH ecosystem, noting that it maintains a crucial support level.

Notably, Michaël van de Poppe’s bullish view of ETH is widely shared in the community. Recently, on-chain analyst Mags expressed optimism about ETH, suggesting that the asset is forming a structure reminiscent of the previous cycle, which saw a 13x increase. Mags predicts a peak of around $15,000 for Ethereum this cycle.Similarly, technical analyst Yoddha has identified Ethereum as one of the most promising altcoins currently, noting that it is already trading above its previous yearly high and proposing a similar target in the $15,000 range.

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