Could Ether’s price hitting $10,000 become the most promising opportunity in the current cryptocurrency market? A well-known analyst suggests that it might be the case. The question remains: can Ether reach the coveted $10,000 milestone in the current bullish cycle?
The potential for Ether to reach $10,000 is being hailed as the top bet in the cryptocurrency market by Tyler, a respected crypto analyst. In a post dated June 16, Tyler shared insights that highlighted Ether’s current price trajectory. As of 1:10 pm UTC, Ether’s price has experienced a slight decline of over 4% on the weekly chart, hovering just below the $3,400 mark, as reported by TradingView data.
Over the past two weeks, Ether’s price has been on a downward trend since hitting a high of $3,939 on May 27, only to face rejection at the psychological barrier of $4,000.
Despite the optimistic outlook, Ether is facing challenges in surpassing the $4,000 mark. Additionally, Ether is currently trading over 30% lower than its all-time high of $4,891 recorded in November 2021. A hypothetical surge to $10,000 would represent a staggering 194% increase from its current levels.
The $3,500 mark poses a significant resistance level for Ether’s price, with the potential to trigger liquidation of more than $534 million in leveraged short positions across all exchanges. If Ether manages to breach the $3,586 mark, short liquidations could exceed $1 billion, according to CoinGlass data.
Institutional inflows from the debut of the first spot Ether exchange-traded funds (ETFs) could potentially propel Ether’s price. Bloomberg ETF analyst Eric Balchunas anticipates 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 crucial role in driving its price surge. By February 15, Bitcoin ETFs had accounted for approximately 75% of new investments as it surpassed the $50,000 mark.
Moreover, Ether’s price might experience a breakout due to a potential supply scarcity, as the supply of Ether on cryptocurrency exchanges has dropped to an eight-year low. This decrease in supply could generate further upward momentum, as noted by prominent crypto analyst Quinten François in a post dated June 18.
It is important to note that this article does not provide investment advice. All investment decisions carry inherent risks, and readers are advised to conduct their own research before making any financial decisions.