Popular crypto analyst and enthusiast, Doctor Profit, has boldly predicted that Ethereum would make a massive parabolic move after the spot ETH ETFs launch before the end of the year, which has piqued the interest of the cryptocurrency world.
Ethereum Poised for Major Price Surge After Spot ETH ETFs
In the after on the X (formerly Twitter) platform, Doctor Profit stressed that all eyes are now on Ethereum, the shining bull, something he has been predicting for years. Now, with the launch of the spot ETH ETFs, the expert believes that the crypto asset is finally ready to dominate the crypto market, as he expects a huge parabolic move for ETH this year.
Related reading: Are Spot Ethereum ETFs Bullish for ETH Price? Analyst Reveals Bullish Setup
While some industry experts may view the development as a sell-the-news phenomenon that will lead to a correction, Doctor Profit disagrees with the narrative. He noted that the market may have already factored in the launch of the spot ETF, but not yet the huge inflows that will flow into the products.
This gives Doctor Profit confidence that the price of Ethereum will be impacted 209% more than Bitcoin if the same amount of capital flowing into spot Bitcoin ETFs is invested in ETH. This is because ETH has a three times smaller market cap than Bitcoin and thus any capital invested in the crypto asset would have a three times larger price impact than in BTC.
Doctor Profit also claims that with the recent development around ETH, the token is gearing up to become the dominant force in this bull cycle, which has been Bitcoin so far. The analyst pointed out that while ETH may not be showing a bullish trend against BTC, he believes that a breakout from the downtrend against BTC could happen soon as Bitcoin’s dominance is starting to show the first signs of correction.
So far, altcoins have been in an uptrend, driven by a Bitcoin-led pump. However, as BTC’s dominance begins to wane, Doctor Profit is confident that ETH will lead altcoins into alt season in the coming months.
ETH will be worth between $10,000 and $14,000 within a year
As a sequel to spot BTC ETFs‘ entry into the market, Doctor Profit noted that BTC corrected by 20% before recovering around 10 days later. However, the analyst does not expect Ethereum to see as much of a correction, suggesting an immediate positive price reaction following the launch of the spot ETH ETFs.
Related reading: Ethereum ETFs Will “Drive All Altcoins to Wall Street” – Anthony Pompliano
As a result, he has set his next major goals for Ethereum between $10,000 and $14,000 within a year. According to the analyst, these are the levels where he will sell his ETH holdings, which he acquired between $80 and $2,800.
So far, he has urged investors not to panic amid short-term price manipulation, especially given the expected Grayscale ETHE selling pressure seen on its GBTC. While this development may cause fear among investors, he noted that the selling pressure will be short-lived.
Main image from iStock, chart from Tradingview.com