Renowned cryptocurrency analyst and enthusiast Doctor Profit has boldly predicted that Ethereum will see a huge parabolic move after the ETH Spot ETF launch before the end of the year, which has sparked interest in the cryptocurrency space.
Ethereum Poised for Major Price Surge Following ETH ETF Spot Sale
In the job On Platform X (formerly Twitter), Dr. Profit pointed out that all eyes are now on Ethereum, the shining bull, something he had already predicted over the years. Now, with the launch of ETH spot ETFs, the expert believes that the crypto asset is finally ready to dominate the cryptocurrency market as he expects a massive parabolic move for ETH this year.
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While some industry experts may view this development as a news-selling phenomenon that will lead to a correction, Doctor Profit disagrees with this narrative. He noted that the market may have already priced in the launch of the spot ETF, but it has yet to factor in the massive inflows that will flow into these products.
Therefore, Dr. Profit is convinced that the price of Ethereum Bitcoin will be impacted 209% more than Bitcoin if the same amount of capital that flows into Bitcoin spot ETFs is invested in ETH. This is because ETH has a market cap three times smaller than Bitcoin and therefore any capital invested in the crypto asset would have a price impact three times greater than in BTC.
Doctor Profit also claims that with the recent developments around ETH, the token is preparing to become the dominant force in this bull cycle, which so far has been Bitcoin. The analyst noted that while ETH may not be showing an uptrend against BTC, he believes that a breakout could occur soon from the downtrend against BTC as Bitcoin dominance begins to show the first signs of correction.
So far, altcoins have seen a strong surge fueled by a Bitcoin-led pump. However, with BTC dominance now starting to wane, Doctor Profit is confident that ETH will lead the altcoins into the altcoin season in the coming months.
ETH Price Expected to Be Between $10,000 and $14,000 in a Year
Following BTC Spot ETF“After entering the market, Doctor Profit noted that BTC corrected by 20% before recovering about 10 days later. However, with Ethereum, the analyst does not expect such a significant correction to take place, suggesting an instant positive price response following the launch of ETH spot ETFs.
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Accordingly, he set his next major goals for Ethereum between $10,000 and $14,000 within a year. According to the analyst, these levels correspond to the regions where he will start selling his ETH holdings, which he acquired between $80 and $2,800.
So far, he has urged investors not to panic over short-term price manipulation, especially given the anticipated selling pressure on Grayscale’s ETHE, as seen with its GBTC. While this development may trigger fear among investors, he noted that the selling pressure will be short-lived.
Featured image from iStock, chart from Tradingview.com
