19 June 2024
Crypto analyst and trader Tyler Durden has revealed his bullish sentiment towards Ethereum (ETH). The analyst suggested that the ETH rise was inevitable and that it was better for traders to go with the tide.
Ethereum Is Set To Rise To $10,000
Durden mentioned in an X (formerly Twitter) post that Ethereum to $10,000 is the “most asymmetric bet” in crypto today. He further stated that “as annoying as that is, [it’s] just the way the chips have fallen,” suggesting that ETH’s rise to this price level was inevitable. He also hinted that he would bet on ETH regardless of how he felt about the crypto token, as he noted that traders “trade the market” and not their emotions.
The analyst suggested that the Spot Ethereum ETFs will be key in ETH’s rise to $10,000. He claimed that Wall Street made great efforts to ensure that the Ethereum ETFs were approved, including changing Ethereum from a security. As such, he believes that these institutional investors will ensure that they make as much money as they can from these funds while pumping Ethereum’s price.
Other analysts have also shared similar sentiments to Durden’s as they predict that the Spot Ethereum ETFs will contribute to a massive rally for ETH. Crypto analysts Ash Crypto and Eljaboom also recently predicted that ETH would rise to $10,000 thanks to these funds. Ash Crypto stated that it is just a “matter of time” before Ethereum reaches this price level, with the Spot Ethereum ETFs expected to begin trading soon enough.
Crypto analysts Altcoin Daily also previously mentioned that ETH to $10,000 is “programmed” and mentioned the Spot Ethereum ETFs as one of the reasons they believe that the crypto token could rise to this price level. According to Bloomberg analyst Eric Balchunas, these Spot Ethereum ETFs could begin trading by July 2.
These funds are expected to contribute to ETH’s parabolic rise because of the significant inflows they could bring into the Ethereum ecosystem. Crypto research firm K33 predicts these funds could attract between $3.1 billion and $4.8 billion in net inflows within the first five months of trading.
Why It’s Not Worth Betting Against ETH
Durden alluded to the US Securities and Exchange Commission’s (SEC) decision to drop its investigation against ETH to further emphasize why betting on Ethereum was an obvious play. Ethereum developer Consensys revealed in an X post that the Enforcement Division of the SEC had notified them that they were closing the investigation into whether ETH was a security.
They added that this means that the SEC would no longer be bringing charges alleging that the sale of ETH is a securities transaction. The SEC’s potential lawsuit against Ethereum was expected to be a major catalyst that could suppress ETH’s price, just like the SEC’s lawsuit against Ripple, which is believed to have had a negative impact on XRP’s price.
However, with the SEC opting against bringing charges against Ethereum, ETH’s price looks all set for takeoff as this development adds to the bullish narrative around the crypto token.