Ethereum's Bull Case: '$5,000+ In 2024, But It Won't Be A Straight Road,' Says Trader

Crypto trader and researcher Teng Yan predicts a bullish future for Ethereum ETH/USD, forecasting a value of over $5,000 in 2024.

What Happened: In a Tuesday post on X, the trader anticipates the launch of spot Ethereum ETFs around July 15, which he believes could trigger a relief rally.

Yan also expects the initial spot ETF flows to surpass expectations over 12 months. He argues that traditional finance investors who have invested in the Bitcoin BTC/USD ETF will likely diversify by buying ETH as well, thus capturing a broader segment of the crypto market and reducing perceived single-asset risk.

The trader expects Ethereum prices to reach $5,000 or higher in 2024 and also there is a lot to be bullish about in the near-midterm. However, he cautions it will not be a "straight road." He added, "With the summer holidays, big capital may not be available to buy until August."

Also Read: Ethereum Traders Offload $41M In ETH, But ‘Bears Will Get Exhausted,’ Trader Asserts

Why It Matters: Yan’s bullish forecast comes at a time when Ethereum sentiment is at its lowest despite the imminent ETF launch. He believes that many sidelined investors and traders perceive the current market as a bear market inflection point. However, if prices start rising convincingly, these investors will likely buy back in.

Yan also points out the improving macro environment, with markets pricing in a 73% chance of a rate cut in September. He also mentions the possibility of Trump winning the election, which could result in a better regulatory outlook for crypto.

The trader also foresees a better regulatory outlook for crypto as Donald Trump holds a good chance of winning the election.

What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Spot Ethereum ETFs Could Launch In A Week Or Two, Says ETF Analyst Nate Geraci: ‘How Quickly Will SEC Turn These Around?’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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