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Ethereum's Path to $10K is the Most Asymmetric Bet in Crypto, Analyst Says

Analyst claims Ethereum price reaching $10K is the most asymmetric bet in crypto today.

Wed, 19 Jun 2024, 02:47 am UTC

Although Ether is still having trouble breaking through the $4,000 barrier, reaching $10,000 would result in a 194% price gain from where it is currently trading.

According to a well-known analyst, the possibility of the price of Ether (ETH) reaching the $10,000 level should be considered the most "asymmetric bet" in the current conditions of the cryptocurrency market. If the present bull cycle continues, is it possible for Ether to hit the $10,000 mark?

Crypto Expert Tyler Predicts Ether's Potential Surge to $10,000 Amid Market Volatility

The best bet in the current market may be for the price of Ether to hit $10,000, as stated by a well-known cryptocurrency expert named Tyler, who said in a post on June 16 through X:

Currently, the most asymmetric bet is Ethereum to $10,000 on the cryptocurrency market. As frustrating as it may be, how things have turned out is just how it is.

According to the data provided by TradingView, the price of Ether has decreased by more than 4% on the weekly chart and is currently trading slightly below the $3,400 mark as of 1:10 p.m. UTC.

Since May 27, when it reached a range high of $3,939 before being rejected from the psychological level of $4,000, the price of Ether has been in a downward trend for more than two weeks.

Ether Struggles Below $4,000 Despite Predictions of a Surge to $10,000

Additionally, despite the positive prediction, Ether is still having a difficult time climbing above the psychological level of $4,000.

Moreover, the price of Ether has dropped by more than thirty percent since reaching its all-time high of $4,891 in November 2021. Given the current state of the market, a hypothetical advance to the $10,000 threshold would indicate a gain in the price of Ether of greater than 194%.

When it reaches the $3,500 threshold, the price of ETH encounters substantial resistance. A hypothetical move above would liquidate leveraged short bets totaling more than $534 million across all exchanges.

According to data provided by CoinGlass, if Ether were to go above the $3,586 level, the short liquidations would exceed one billion dollars.

Eric Balchunas, an analyst for Bloomberg ETFs, claimed that the price behavior of Ether could be influenced by institutional inflows from the first spot Ether exchange-traded funds (ETFs), which are anticipated to begin trading by July 2.

On the other hand, Gary Gensler, the chair of the Securities and Exchange Commission, offered a more comprehensive timetable for spot Ether exchange-traded funds (ETFs) to begin trading. He suggested that this could occur within the next three months, by the end of September.

In the case of Bitcoin, the price surge was mostly driven by the inflows of exchange-traded funds (ETFs). By February 15, Bitcoin exchange-traded funds (ETFs) had accounted for around 75% of new investments in the largest cryptocurrency in the world, which had crossed the $50,000 mark.

Supply Squeeze and Institutional Demand Could Propel Ether Past $4,000, Says Analyst

The supply of Ether on cryptocurrency exchanges has dropped to an eight-year low, and a potential supply squeeze could cause the price of Ether to break through.

According to Quinten, a well-known cryptocurrency analyst, this may result in an increase in the momentum of the rising trend. In an X post dated June 18, Quinten Francois wrote the following to his 112,000 followers:

"Ethereum supply on exchanges is at an 8-YEAR LOW. Meanwhile, institutional demand will be unlocked through the ETH ETF in July. You don’t need to have a degree to understand what is about to happen," he stated.

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