Crypto Analyst Unveils Bullish End Of Year Predictions For Ethereum
Crypto expert Anthony Sassano has made a bullish prediction for Ethereum (ETH), suggesting that the second-largest cryptocurrency by market cap could reach a new all-time high (ATH) this year.
Ethereum Could Hit $10,000
Sassano believes that Ethereum could hit $10,000 if the hype around Ethereum Spot ETFs gets “ahead of itself”. These ETFs are believed to be next in line for approval by the Securities and Exchange Commission. This potential approval could be the catalyst for a significant increase in Ethereum’s price.
Even if the $10,000 price level isn’t reached, Sassano predicts that Ethereum could still rise to as high as $6,000 before the year ends. As of today, the 12th of January, Ethereum’s price is around $2,650.
What is Ethereum ETF?
An Ethereum Spot ETF (Exchange-Traded Fund) is a type of investment vehicle that would allow investors to gain exposure to Ethereum (ETH), the native cryptocurrency of the Ethereum blockchain, without having to directly own the cryptocurrency.
The concept of a spot ETF is similar to traditional ETFs that hold underlying assets like stocks or bonds. In the case of a spot Ethereum ETF, the fund would purchase Ethereum from authorized cryptocurrency exchanges or other holders and store them in a secure digital vault managed by registered custodians. The ETF would then offer shares that represent a stake in the fund’s Ethereum holdings.
Why Sassano is Bullish on Ethereum
Sassano’s bullish stance on Ethereum is based on several factors. Firstly, he believes that Ethereum will gain significant interest from institutions due to the yield it offers. As a proof-of-stake network, Ethereum allows investors to stake their ETH tokens and earn rewards in return.
Secondly, Sassano suggests that the launch of Ethereum Spot ETFs will further drive institutional interest in Ethereum. He also believes that these yields will give Ethereum an edge over Bitcoin.
Market Attention Turning to Ethereum?
The market’s attention seems to be shifting towards Ethereum. The price of ETH has recently crossed the $2,600 resistance level. This comes as traders are betting on the likelihood of an Ethereum ETF approval.
However, the SEC’s stance on an Ethereum ETF is less clear cut than Bitcoin. After the approval of the Bitcoin ETF, the price of Ethereum rose on hopes that the SEC might approve an ETH ETF. The agency is due to give decisions on spot ETH ETF applications beginning in May.
Other Analysts’ Views
Crypto analyst Altcoin Daily had previously stated that ETH hitting $10,000 was “programmed”. He cited the higher yields on the Ethereum network as one of the reasons for his assertion. However, unlike Sassano, Altcoin Daily didn’t suggest a timeline for when the crypto token will hit this price level.
While Sassano’s predictions are bullish, it’s important to note that the crypto market is highly volatile and unpredictable. Investors should do their own research and consider their risk tolerance before making investment decisions.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information