Ethereum (ETH) Price Prediction July 2024 – Is ETH About to EXPLODE? Buy Before It’s Too Late!

Different predictions on the future price trajectory of Ethereum (ETH) have been triggered by the upcoming launch of spot Ethereum ETFs.

Of these forecasts, one that stands out the most is that ETH might replicate the remarkable gains that Bitcoin (BTC) made between 2023 and 2024. Bitcoin increased from $26,000 to an all-time high of $73,750 over that time.

Ethereum ETF Could Ignite Another Bull Run, Analyst Predicts

An anonymous analyst on X Follis stated that the expected Ethereum ETF might cause ETH’s price to move like BTC has in the past, with a possible 200% rise. Ethereum is now priced at $3,130, but the analyst predicts that price will grow to $9,324 by the end of the year.

Demand would need to rise significantly in order for such a price hike to occur. The first signs of this increased interest were when ETH whales moved a sizable amount of money, as reported by Spot On Chain.

Everyone focussed on Germany and Mt Gox

Meanwhile the Ethereum ETF is about to launch and the $ETH chart looks identical to $BTC before it pumped +200% last year

Study ETF rallies pic.twitter.com/VWENNnO8dN

— フ ォ リ ス (@follis_) July 9, 2024

A whale was observed to have taken out $50.30 million worth of ETH early on July 10, which was the first significant build-up since the Ethereum ETF started to garner more attention.

The recent events, in which a whale sold $12 million worth of Ethereum, stand in stark contrast to this claim. This change in behavior among Ethereum whales—from spreading their holdings to making bulk purchases—is corroborated by other Glassnode data.

This is demonstrated by the rise in addresses with $1 million or more in Ethereum valued at the time of reporting, from 14,217 on July 7 to 14,823 at that time. This suggests that there is increased demand for Ethereum and hope for the approval of the spot ETF.

In contrast to Bitcoin, Ethereum has experienced a more severe price correction. The price of ETH dropped by 24.65% between May 28 and July 9, while the price of Bitcoin dropped by a smaller amount, 19.43%.

In spite of this, according to market valuation, Bitcoin is still the most valuable cryptocurrency and is still outperforming Ethereum according to bullish signals.

Cautious Optimism

However, historically, ETH’s more severe price drops have presented chances for large rebounds. A double bottom formation is currently visible on the daily ETH/USD chart, indicating a possible bullish reversal.

Two low points that are located close to the same price level and suggest a stabilization and possible upward trajectory help to identify this formation.

The last time such a pattern appeared on the Ethereum chart was in January 2024. After that, the price of ETH increased by 81.94%, reaching $4,067 by April.

If past events are repeated in a comparable manner, Ethereum’s price may reach $5,625 by the end of September. Nevertheless, Ethereum’s near-term outlook is still positive, provided that bulls can hold into their $2,934 support level.

Is ETH About to EXPLODE? There could be Potential for a Bitcoin-Like Rally

Analysts are optimistic about Ethereum’s future, with some forecasting a rise similar to Bitcoin due to the impending introduction of spot Ethereum ETFs. The likelihood of more demand—especially in light of recent whale activity—fuels the possibility of a price spike. 

Ethereum’s price adjustment is more noticeable than Bitcoin’s, but there appears to be a growing interest for the cryptocurrency based on the change from whale selling to accumulation and the rise in high-net-worth Ethereum holdings. 

Should the expected flood of institutional capital via ETFs come to pass, ETH may see a price increase like to that of Bitcoin during its 2023–2024 surge.