An analyst who nailed the end of the 2021 Bitcoin bull market believes that Ethereum (ETH) will rally behind a catalyst that’s been overshadowed by the potential approval of a spot market BTC exchange-traded fund (ETF).
Pseudonymous analyst Pentoshi tells his 727,600 followers on the social media platform X that the possible approval of spot Ethereum ETFs next year will likely give ETH a much-needed shot in the arm.
Earlier this year, multiple asset management firms including BlackRock, Fidelity and Hashdex filed applications for spot-based Ethereum ETFs with the U.S. Securities and Exchange Commission (SEC).
Pentoshi says that Ethereum will likely generate bullish momentum as market participants anticipate the event.
“We’ve been bull tweeting the BTC ETF since $25,000-$28,000. Soon, we get to do this all again with the ETH ETF in 2024.
No matter what you believe, it’s all game theory. As the date approaches, people will be less willing to sell, and others will feel the need to buy. $2,7xx and $3,400 on the table.”
Pentoshi is not the only crypto strategist who believes 2024 will be a good year for ETH. Trader Michaël van de Poppe tells his 678,200 followers on the social media platform X that Ethereum is likely in the process of carving a bottom against Bitcoin (ETH/BTC). He shares a chart that shows ETH massively outperforming BTC in the first few months of 2024.
“Ethereum isn’t dead. There’s a temporary snapshot of hype taking place that other ecosystems are better.
They aren’t.
The best quarter for ETH is the first quarter of the year and that’s approaching.
Three to eight months prior to Bitcoin halving -> bottoming period.”
Based on the trader’s chart, he seems to predict that the ETH/BTC pair will rally toward his target of 0.12 BTC worth $5,243 by April next year. At time of writing, ETH/BTC is trading for 0.05257 BTC ($2,297).
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