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.
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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.
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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.