Ether (ETH) hitting the $10,000 milestone may be the most lucrative opportunity in the current cryptocurrency landscape, as suggested by a well-known analyst. Is it possible for Ether to reach $10,000 in the ongoing bullish cycle?
Ether at $10K: A Smart Crypto Wager
The possibility of Ether reaching $10,000 is considered the most promising bet in the current market, according to crypto expert Tyler, who shared his insights in a recent post on June 16.
As of 1:10 p.m. UTC, Ether’s price is down by more than 4% on the weekly chart, hovering just below the $3,400 mark based on data from TradingView.
Ether has been on a downward trend for more than two weeks since its peak on May 27, when it touched a high of $3,939 before facing resistance at the psychological $4,000 level.
Despite optimistic forecasts, Ether is struggling to cross the $4,000 barrier. 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 significant increase of over 194% from its current value.
The $3,500 level presents a major obstacle for Ether’s price, with a potential breakthrough expected to trigger liquidation of more than $534 million in leveraged short positions across exchanges. If Ether manages to surpass the $3,586 mark, short liquidations could exceed $1 billion, according to data from Coinglass.
The launch of the first spot Ether exchange-traded funds (ETFs) by July 2 could drive Ether’s price higher, as institutional investments flow in. However, SEC Chair Gary Gensler has hinted at a longer timeline, suggesting that spot Ether ETFs may not be available for trading until the end of September.
Similar to Bitcoin’s experience, ETF inflows played a significant role in its price surge. By mid-February, Bitcoin ETFs accounted for approximately 75% of new investments as it crossed the $50,000 mark.
Additionally, a potential scarcity of Ether on exchanges, with supply hitting an eight-year low, could lead to a price breakout. This scarcity could fuel further upward momentum, as pointed out by crypto analyst Quinten in a recent post to his sizable following.
This article does not offer investment advice. Readers are encouraged to conduct their own research and analysis before making any investment decisions, as all investments carry inherent risks.