Ethereum’s price saw a notable rise from $2,900 to over $3,900 last week following the announcement of spot ETF approval news. Despite a minor subsequent decline, the future outlook for ETH remains strong. As of now, no spot Ethereum ETF has been launched, but the positive momentum continues. An analyst recently provided insights based on Ethereum’s monthly chart, offering a future price prediction.
What Are the Expectations for Ethereum?
Trader Tardigrade, an analyst, shared intriguing updates for Ethereum investors on X. By examining Ethereum’s monthly chart, the analyst identified a recurring pattern and suggested that ETH “is likely moving similarly on the monthly chart.” This observation forms the foundation for the analyst’s price projection.
The analyst’s comments, particularly concerning the forthcoming altcoin season, add further optimism. The prediction is that Ethereum’s price could soar to $15,000, concurrent with the anticipated altcoin season. At the time of writing, Ethereum was valued at $3,807.
Why Hold Ethereum and Solana?
In addition to his forecasts for Ethereum, the analyst provided crucial advice to investors. According to the analyst, holders of Ethereum and Solana should retain their assets and avoid selling.
The price target mentioned by the analyst is considered achievable. Ethereum is already the second-largest cryptocurrency and the leader among altcoins. The introduction of spot Ethereum ETFs is expected to attract a substantial number of institutional investors.
Key Takeaways for Investors
Investors can draw several important insights from the analyst’s assessment:
- Spot Ethereum ETFs could significantly boost institutional investment.
- Identified historical patterns suggest a potential price rise for Ethereum.
- Holding, rather than selling, ETH and SOL could be beneficial amid positive market momentum.
- Anticipated altcoin season may drive Ethereum’s price towards $15,000.
Considering possible Federal Reserve rate cuts, these factors collectively provide strong reasons for a potential Ethereum price surge. Although the analyst’s predictions are rooted in historical trends, various external elements could also play a crucial role in Ethereum’s price trajectory.