Is Ethereum Poised for a Record Break? Senior Analyst Says $5K is coming soon
Popular crypto analyst Jelle has predicted that Ethereum (ETH) will rise to $5,000 by the end of this year. This prediction comes with a significant reason from a technical point of view.
The Ethereum Rally: Setting the Stage for New Highs
Jelle’s prediction comes after Ethereum is facing a stabilization situation above the $3,500 mark, following a correction from March when it peaked above $4,000.
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With the crypto community watching closely, Jelle’s data suggests huge potential for Ethereum, especially as the market anticipates the launch of Ethereum exchange-traded funds (ETFs).
Jelle’s analysis points to a critical moment for Ethereum. After a brief dip in price, Ethereum rebounded, reaching as low as $3,384 last Friday; the stock is currently trading around $3,500 and is showing a steady but down 2.2% in the last 24 hours and about 5% in the last week.
This stability is a minor volatility and an important support level that may foresee important price movements. According to Jelle, “ETH successfully turned $3,500 into support. Very few people are ready for this to make an all-time high, but $5,000 ETH is very much on the menu this year. Let’s roll.”
This statement underscores the firm belief that Ethereum is recovering and preparing for a major upward trajectory.
Current market dynamics provide fertile ground for such optimism. Ethereum’s tenacity in maintaining key support levels during market volatility is a good indication of its ability to break past prices.
The anticipated launch of spot Ethereum ETFs is expected to add further momentum to its market, attracting institutional and retail investors attracted by its ecosystem and the promise of increased liquidity and regulatory compliance.
$ETH successfully converted $3,500 in sponsorship!
Very few people are ready for this to make an all-time high, but $5,000 ETH is very much on the menu this year.
Let’s roll. pic.twitter.com/k438SvCX2o
– Jelle (@CryptoJelleNL) June 17, 2024
Strategic Movements and Market Sentiments
The broader crypto market, especially Ethereum, is bustling with activity, waiting for a place in ETH ETFs. Recent data from NewsBTC highlights that the crypto community is very focused on Ethereum, as evidenced by the large number of expiring ETH options contracts.
Most of these call options, betting on the rise in the price of Ethereum, with a very low put price of 0.36, indicating a strong bullish sentiment among traders.
This optimistic view is also supported by significant purchasing activities from current owners, especially institutions. On June 12, these investors made one of the largest daily purchases of Ethereum, buying 298,000 ETH, just shy of the record 317,000 ETH purchased on September 11, 2023.
Such investment activity not only underscores confidence in Ethereum’s long-term value but also indicates a market ready for a rally, especially with potential triggers such as the approval of ETH spot ETFs on the horizon.
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Moreover, QCP Capital’s analysis reinforces this sentiment, noting that Ethereum is more volatile than Bitcoin. This suggests that while the general crypto market may experience low activity over the summer, Ethereum could see significant trading volume and price action, especially when ETFs begin live trading.
The featured image was created with DALL-E, a Chart from TradingView
