As the crypto market consolidates this Friday, altcoins are sending mixed signals ahead of the spot ETH ETF launch. Predictions abound that this cycle might miss an alt season due to the current market lull. However, Darius Tabai, CEO of Vertex Protocol, an Arbitrum (ARB)-based decentralized exchange (DEX), suggests that ETH ETFs could positively impact altcoins.
Impact of ETH ETF on Altcoins
The upcoming launch of Ethereum spot ETFs might surprise the market, says Darius Tabai, CEO of Vertex Protocol, an Arbitrum-based decentralized exchange (DEX). He believes the market hasn’t fully factored in the potential impact, which could lead to a price jump of 25% or more for Ethereum. Tabai believes that the market could be surprised by a sudden rise in ether’s price.
Tabai also notes that a rising Ethereum price could boost other altcoins, differentiating this situation from the Bitcoin ETF launch, which saw altcoins struggle. The potential ripple effect on the broader altcoin market could be significant.
Differing Views on Performance
Not everyone shares Tabai’s optimism. Sergei Gorev, a risk manager at YouHodler, doubts that the Ethereum ETF will boost prices as much as the Bitcoin ETFs did earlier this year. In January, Bitcoin soared over 80% in two months following ETF launches. Gorev highlights Ethereum’s staking issue, which might deter investors since staking isn’t available for Ethereum ETFs.
Additionally, he points out that summer trading volumes have dropped by 17% due to many investors being on vacation.
Ether Could Surge $6,000
Echoing the bullish sentiment, crypto enthusiast Timothy Peterson has made bold predictions for Ethereum. According to his analysis, Ethereum’s price could soar to between $4,600 and $6,000 by March 2025.
He further noted that Ether’s price is currently “sitting on top” of the 200-day Moving Average (MA) and “will eventually break out around the ETF launch.”
As of now, Ethereum is trading at $3,407, reflecting a 10% increase over the last seven days. Meanwhile, the 24-hour trading volume has surged by 3%, with a market cap of $409 billion.
Also Check Out: Will Spot Ethereum ETF Trigger a New Crypto Surge? Here’s What to Expect
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