Top analyst predicts Ethereum (ETH) could surge by 92% in just 16 days. This prediction comes after the U.S. Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs, causing excitement in the crypto community. The analyst compares this to Bitcoin's history, where after the approval of its ETF, it initially dropped by 21% in 16 days but then rallied by 92%. Ethereum's recent drop in price from $3,880 to $3,632 might follow a similar pattern.
Ethereum's price is currently under scrutiny, especially after the recent ETF approval. An analyst highlighted key support levels based on data analysis. Around 1.81 million addresses bought Ethereum between $3,820 and $3,700, suggesting strong support in that range. However, if Ethereum fails to hold above $3,700, the next support zone is between $3,580 and $3,462, where around 3.13 million addresses have bought Ethereum.
Currently, Ethereum is trading at $3,632.11, showing a 4.42% decline in the last 24 hours. Despite this drop, trading volume has surged by 94%, bringing Ethereum's market cap to $440 billion.