According to Cointelegraph: Analysts forecast “tremendous” price action for Ether as its spot ETFs build momentum, mirroring Bitcoin’s post-ETF launch surge.
Traders view Ether’s recent drop to $3,209 as a prime buying opportunity, warning it may not last long once the impact of exchange-traded funds (ETFs) takes effect.
“There are 2 major zones to buy,” noted pseudonymous crypto trader Sheldon The Sniper to their 490,300 X followers on July 24. He identified the $3,300 and below as a key buy zone, adding that the $3,097 buy zone has already passed.
Sheldon further predicted Ether could reach $4,000 “in the next week or two,” highlighting these entry points as “ones you ride to the next all-time high breaks.”
At the time of writing, Ether trades at $3,209, down 7.68% over the past 24 hours, according to CoinMarketCap data. This price level is below the closely watched $3,500 mark, around which Ether has fluctuated since March 1, following spot Ether ETF trading that saw $107 million in net inflows.
Despite the expectation of a larger price drop after the Ether ETF debut, the 7.68% decline resulted in $42.53 million in short position liquidations, along with just $2 million in long positions, according to CoinGlass data.
Analysts Predict Significant Gains for Ether
Analysts anticipate Ether will experience substantial price action due to ETF inflows, similar to Bitcoin’s price jump from $40,000 to $70,000 post-ETF launch. In a July 24 note, Michael van de Pope explained the potential for Ether to double in the near term.
“It’s very likely to suspect a price rally from $3,500 to $7,000-7,500 is on the cards,” he added, predicting short-term volatility following the ETF launch.
“One-two weeks of downward momentum before the real surge of Ethereum toward a new all-time high.”
Swyftx lead market analyst Pav Hundal told Cointelegraph that the “nearer-term goal” for Ether is to hit its November 2021 all-time high of $4,890.