Reputed Analyst Reveals Ethereum Catalyst with Potential to Propel ETH by Nearly 50%

An analyst, renowned for accurately predicting the conclusion of the 2021 Bitcoin bull market, is now asserting that Ethereum (ETH) is poised for a significant surge driven by a catalyst that has been somewhat overshadowed by the anticipation of a potential approval for a Bitcoin spot market exchange-traded fund (ETF).

Pentoshi, an analyst using a pseudonym, shares insights with his 727,600 followers on the X social media platform, suggesting that the potential approval of spot Ethereum ETFs in the coming year could serve as a substantial boost for ETH.

Several asset management firms, including BlackRock, Fidelity, and Hashdex, have submitted applications for spot-based Ethereum ETFs to the U.S. Securities and Exchange Commission (SEC) earlier this year.

Pentoshi believes that the prospect of Ethereum ETFs gaining approval will generate bullish momentum as market participants look forward to the event.

“We’ve been advocating for the BTC ETF since $25,000-$28,000. Soon, we get to do this all again with the ETH ETF in 2024. No matter what you believe, it’s all game theory. As the date approaches, people will be less willing to sell, and others will feel the need to buy. $2,7xx and $3,400 on the table.”

Pentoshi is not the sole crypto strategist optimistic about ETH in 2024. Trader Michaël van de Poppe, addressing his 678,200 followers on the X platform, suggests that Ethereum is likely establishing a bottom against Bitcoin (ETH/BTC). He shares a chart demonstrating Ethereum’s significant outperformance of BTC in the initial months of 2024.

“Ethereum isn’t dead. There’s a temporary snapshot of hype taking place that other ecosystems are better. They aren’t. The best quarter for ETH is the first quarter of the year and that’s approaching. Three to eight months prior to Bitcoin halving -> bottoming period.”

According to the trader’s chart, he appears to forecast that the ETH/BTC pair will rally towards his target of 0.12 BTC, equivalent to $5,243, by April next year. As of the latest data, ETH/BTC is trading at 0.05257 BTC ($2,297).