Ethereum Price Prediction As Early Data Rolls In From Spot ETH ETFs

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The spot Ethereum ETFs are now live and early data has started to trickle in.

As per the latest reports from Bloomberg analyst Eric Balchunas, the ETFs are seeing impressive volume, recording nearly $600 million in three and a half hours. Balchunas projects them to record a cumulative volume of over $1 billion today, nearly 20% of BTCs day-one figures.

HALFTIME: Nearly $600m so far, putting them on pace to hit $1b and change by EOD which would be about exactly 20% of the $4.6b that bitcoin ETFs did on Day One, which would nail our prediction. Re flows: that data comes tonight and tmrw night, but if we assume $ETHE volume is…

— Eric Balchunas (@EricBalchunas) July 23, 2024

Compared to a normal ETF launch, every issuer has already exceeded expectations, with Grayscale, BlackRock and Bitwise leading the pack. If BlackRock‘s $ETHA records over $200 million in daily volume today, it would have exceeded Balchunas’ estimates, painting a bullish picture for Ethereum.

Ethereum Price Prediction – How High Can ETH Go In A Year？

Considering that the spot Bitcoin ETF launch was a major “sell the news” event, Ethereum is displaying strong resilience. While the Ethereum price has dipped nearly 3% since the ETF launch, it continues to hold above the $3400 price point.

The bullish impact of the newly launched ETFs could start to appear two weeks from today if ETH follows BTCs playbook. Similarly, the Bitcoin price reached a new all-time high nearly two months after the launch of its ETFs.

This could mean that the ETH price could see strong gains in August, paving the way for a new all-time high in September. This also coincides with the interest rate cuts from the US Federal Reserve, also expected to happen in September.

Experts such as Michael van de Poppe of MN Trading agree with this bull thesis.

The $ETH ETF has insane numbers.

First 15 minutes already 50% of #Bitcoins first day in terms of volume: $112 million.

The Ethereum ETF launch is heavily undervalued and I expect it to trade towards an ATH in the coming 1-2 months.

— Michaël van de Poppe (@CryptoMichNL) July 23, 2024

Similarly, Ethereum price prediction from Elja (@Eljaboom) – a popular crypto trader with 677k X followers – reveals that the second largest cryptocurrency has formed an inverse head-and-shoulders pattern, with a price target north of $4000 in August.

However, short-term price action has little relevance, considering that experts are decidedly bullish on ETH in the long run, especially after the impressive Ethereum ETF figures.

In fact, there is a growing consensus that the Ethereum price could reach $10,000 in less than a year.

ETH will go 10k and BTC will go 180k.

The path to those prices will be filled with ups and downs, and casualties. Dont be a casualty.

— SalsaTekila (@SalsaTekila) July 23, 2024

Low-Cap Gems and New Meme Coins Also Set To Explode

Ethereum isnt the only altcoin that could explode in the coming weeks. Low-cap gems could also deliver outsized returns, especially if the ETH/BTC trading pair breaks out above the 0.06 mark.

For instance, a new Ethereum meme coin WienerAI (WAI) is scheduled to go live in August, likely in the midst of a major crypto bull rally. WAI has already raised over $7 million in its ongoing ICO, a sign of its high upside potential.

WienerAIs combination of memes and next-gen AI has even impressed deep-pocketed investors. After all, the project is aiming to build the ChatGPT of crypto – an AI trading bot that can offer investment advice, MEV protection and seamless swap to token holders.

In addition, the WAI staking protocol is offering attractive yields from the presale itself, currently at an APY of over 140%.

Ethereum meme coins are expected to benefit from ETHs strength, which is why some experts believe WienerAI could potentially offer up to 100x returns.

Similarly, BRC-20 tokens are expected to show a strong correlation with the Bitcoin price, which could also trade as high as $150k in a year.

For instance, a new BRC-20 crypto 99Bitcoins is in high demand, having already raised over $2.5 million in its presale. 99BTC will go live in August as well and could show bullish strength right out of the gate, especially during a bull market.

99Bitcoins benefits from strong community backing, considering its crypto educational platform has nearly 3 million subscribers. These subscribers could now turn into token holders, considering the learn-to-earn and staking rewards in store for them.

Similar to WienerAI, experts are bullish on 99BTCs post-launch potential.