Top Analyst Reveals Crypto Market Forecast Amid Growing Likelihood of Ethereum ETF Approval: ‘All Bets Are Off’
An anonymous crypto strategist predicts that if an Ethereum (ETH) exchange-traded fund (ETF) is approved, it will greatly benefit a specific group of altcoins. The strategist, known as DonAlt, believes that while an Ethereum ETF may negatively impact Bitcoin (BTC) inflows, it will be positive for Ethereum and other altcoins that have yet to experience significant price increases. DonAlt states that an Ethereum ETF would likely cause Ethereum to rise, leading to increased market activity and potentially irrational behavior. However, he emphasizes that this news is particularly good for undervalued altcoins that have been stagnant for a long time. Yesterday, reports emerged suggesting that there is a 75% chance of an Ethereum ETF receiving approval from the US Securities and Exchange Commission (SEC), causing the crypto market to surge. DonAlt believes that an Ethereum ETF would have a significant impact on the market, potentially leading to new all-time highs and changing short-term perspectives. The strategist also identifies one altcoin, Pepe, that he believes would experience a breakout rally if an Ethereum ETF is approved. At the time of writing, Pepe is trading above DonAlt’s resistance level at $0.0000111. Overall, the strategist believes that an Ethereum ETF approval would bring a wave of excitement to the market and alter current perspectives.