Ciaran Lyons3 hours agoETH traders should ‘expect the unexpected’ after ETF launchCrypto analysts argue that past performance won’t help to predict Ether’s prices anymore, and Ether has “all the elements to rally like it has never seen before.”2409 Total views6 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDespite barely budging after the debut of spot Ether exchange-traded funds, the price of Ether could still be set for unprecedented highs in 2024, according to a crypto market analyst.
“People should expect the unexpected, if the Ethereum community is looking for another reason to put it back in the spotlight, it has all the elements to rally like it has never seen before,” Swyftx lead market analyst Pav Hundal told Cointelegraph.
“Everyone is looking for any good news moment,” he added.
He mentioned the large amount of Ether (ETH) currently being staked — meaning it cannot be sold and is contributing to its tightening supply — along with the recent launch of ETFs as two of the main elements, as well as the positive sentiment in the options market.
“It is still more bullish than bearish. The put-call ratio, which is looking at speculators betting for upside, is 0.27, which is very, very bullish,” he pointed out.
Hundal was reluctant to specify an exact price prediction but believes the “nearer-term goal” is for Ether to hit its November 2021 all-time high of $4,890.
However, he anticipates that its price “might be choppy” for the next 30 days. At the time of publication, Ether is trading at $3,450, down 1.27% over the past seven days, according to CoinMarketCap data.Ether’s price is down 2.31% over the past seven days. Source: CoinMarketCap
Spot Ether ETFs trading debut on Tuesday, July 23, saw $106.6 million in net inflows, though the price of Ether barely moved, dropping slightly by 0.42% in the last 24 hours.
“No fireworks for the price of Ether, although the first Ether ETFs got off to a good start today,” markets commentator Holger Zschaepitz wrote in an X post.
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Investors appear to have seen the spot Ether ETF launch as a good time to scoop up Ether.
On July 22, a day before the ETFs started trading, permanent holder addresses scooped up a record 714,000 ETH valued at $2.4 billion.
Meanwhile, Hundal says traders might as well “ignore Ethereum’s previous prices” before the Merge, as the event gave Ether more robust supply and demand mechanics.
“Ever since deflationary mechanics was introduced, more deflationary elements on the product, a self-governing proof-of-stake, now when the market is busy, less Ethereum is being created,” he explained.
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