Ethereum’s price surged from $2,900 to over $3,900 last week due to spot ETF approval news. Although the price slightly decreased afterward, expectations for ETH remain high. Despite the approval, no spot Ethereum ETF has been released yet. However, the momentum continues. An analyst made a significant assessment by looking at Ethereum’s monthly chart today. Let’s look at the analyst’s comments.
Expectations for Cryptocurrency Ethereum
Analyst Trader Tardigrade shared exciting news for Ethereum investors on X today. The analyst focused on Ethereum’s monthly chart, highlighting a past movement reappearing on the chart. Commenting on this, the analyst suggests that Ethereum is “likely moving in the same way on the monthly chart,” forming a basis for a price prediction.
The analyst’s assessment, especially regarding the upcoming altcoin season, further colors the expectation. Accordingly, the analyst predicts that Ethereum’s price will head towards $15,000 with the anticipation of an altcoin season. At the time of writing, the cryptocurrency Ethereum was priced at $3,807.
Hold Recommendation for Cryptocurrencies ETH and SOL
While stating his expectations for Ethereum, the analyst also gives important advice to investors. According to the analyst, Ethereum and Solana holders should keep their cryptocurrencies and refrain from selling.
It is worth noting that the price target given by the analyst is not an unrealistic goal. Ethereum is already the second-largest in the crypto world and the leader of altcoins. Additionally, with the release of spot Ethereum ETFs, we will witness a significant influx of institutional investors.
Considering the potential Fed rate cut, these factors stand as significant reasons for Ethereum’s price increase. Therefore, even though the analyst made evaluations by connecting with the past, different factors could significantly contribute to Ethereum’s price development.
