As 2024 approaches, Ethereum (ETH) is emerging as a focal point for crypto enthusiasts, driven by a catalyst that often takes a backseat to Bitcoin’s market narratives. Renowned pseudonymous analyst Pentoshi has shared insights that spotlight the potential approval of spot Ethereum ETFs in the coming year could surge its price by more than 50%.
Ethereum ETFs Gain Traction
In a recent tweet post Renowned analyst Pentoshi, shares a unique perspective on the forthcoming Ethereum ETF approval. Meanwhile, drawing parallels with the Bitcoin ETF saga, Pentoshi notes, “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 $2,700 and $3,400 are on the table, potentially driving Ethereum’s value to new heights.
Major players in the asset management arena, including BlackRock, Fidelity, and Hashdex, have recently submitted applications for spot-based Ethereum ETFs to the U.S. Securities and Exchange Commission (SEC). This wave of institutional interest is reshaping the narrative around Ethereum, as industry insiders anticipate a surge in bullish momentum
ETH/BTC Poised for Growth
Pentoshi’s optimism resonates with other crypto strategists, such as Michaël van de Poppe, who foresees a promising year for Ethereum. Highlighting Ethereum’s strength against Bitcoin (ETH/BTC), van de Poppe emphasizes, “Ethereum isn’t dead.
There’s a temporary snapshot of hype taking place that other ecosystems are better. They aren’t.” The consensus among analysts suggests that Ethereum is gearing up for a robust performance in the first quarter of 2024.
According to Van de Poppe’s chart, the ETH/BTC pair is expected to rally toward its target of 0.12 BTC, equivalent to $5,243, by April next year. Currently, ETH/BTC is trading at 0.053 BTC ($2,297), indicating significant potential for growth in the coming months.
However, the technical analysis underscores Ethereum’s potential to outpace Bitcoin, further contributing to the positive outlook for the cryptocurrency in 2024.
Read More: Ethereum Gears Up for a Bullish 2024: Analysts Eye Spot ETF Approval for a 50%