Could Ether’s price reaching $10,000 be the most lucrative opportunity in the current cryptocurrency market? A well-known analyst seems to think so. Is it possible for Ether to hit this milestone during the ongoing bullish cycle?
Ether at $10,000: A Smart Crypto Bet
The possibility of Ether’s price surging to $10,000 is being touted as a smart move in the current market by a popular crypto analyst named Tyler. In a post dated June 16, Tyler expressed his optimism about Ether’s potential.
As of 1:10 pm UTC, Ether’s price has dipped by over 4% on the weekly chart, hovering just below the $3,400 mark, according to TradingView data. The digital currency has been on a downward trend for more than two weeks since reaching a peak of $3,939 on May 27, only to be pushed back below the psychological barrier of $4,000.
Despite the positive outlook, Ether is facing challenges in surpassing the $4,000 mark. Additionally, it is currently trading over 30% lower than its all-time high of $4,891 in November 2021. Achieving the $10,000 milestone would require a substantial price increase of over 194% from its current levels.
Resistance is anticipated at the $3,500 mark for Ether’s price. If it manages to break through this barrier, it could lead to the liquidation of more than $534 million in leveraged short positions across various exchanges. Should Ether surpass the $3,586 mark, short liquidations could exceed $1 billion, as per CoinGlass data.
Institutional inflows from the launch of the first spot Ether exchange-traded funds (ETFs) could potentially boost Ether’s price momentum. Bloomberg ETF analyst Eric Balchunas expects these ETFs to commence trading by July 2. However, SEC Chair Gary Gensler has hinted at a broader timeline, suggesting that spot Ether ETFs may not be available for trading until the end of September.
Similar to Bitcoin’s case, ETF inflows played a significant role in driving its price surge. By mid-February, Bitcoin ETFs accounted for approximately 75% of new investments as the cryptocurrency surpassed the $50,000 mark.
Ether’s supply on exchanges has dropped to an eight-year low, hinting at a potential supply constraint that could further propel its price upwards. Popular crypto analyst Quinten François believes that this shortage could lead to a breakout in Ether’s price, as shared in a post on June 18.
It is essential to note that this article does not offer investment advice or recommendations. All investment decisions involve risks, and readers are encouraged to conduct their own research before making any financial decisions.