Ether’s (ETH) price reaching the $10,000 mark could be the most “asymmetric bet” in the current cryptocurrency market conditions, according to one popular analyst. Can Ether reach the $10,000 mark during the current bull cycle?
Ether to $10,000 could be the best bet in crypto
Ether’s price reaching $10,000 could be the best bet in the current market, according to popular crypto analyst Tyler, who wrote in a June 16 X post:
“The most asymmetric bet in crypto today is Ethereum to $10,000. As annoying as that is, just the way the chips have fallen. We trade the market, not our emotions.”
Ether’s price is down over 4% on the weekly chart, trading just below the $3,400 mark as of 1:10 pm in UTC, according to TradingView data.
Ether’s price has been in a downtrend for over two weeks since May 27, when it rose to a range high of $3,939 before being rejected from the $4,000 psychological mark.
Related: Bitcoin price ‘clusters’ hint at more downside: Is BTC about to lose $64K support?
Can Ether ETFs boost ETH’s price to $10,000?
Despite the bullish prediction, Ether is still struggling to rise above the $4,000 psychological mark.
Moreover, Ether is currently down over 30% from its all-time high of $4,891 in November 2021. A hypothetical move to the $10,000 mark would imply an Ether price increase of over 194% from the current levels.
ETH’s price faces significant resistance at the $3,500 mark. A potential move above would liquidate over $534 million of cumulative leveraged short positions across all exchanges.
Short liquidations would surpass $1 billion if Ether were to rise above the $3,586 mark, according to CoinGlass data.
Ether’s price action could be boosted by institutional inflows from the first spot Ether exchange-traded funds (ETFs), which are expected to start trading by July 2, according to Bloomberg ETF analyst Eric Balchunas.
However, Securities and Exchange Commission Chair Gary Gensler provided a broader timeframe for when spot Ether ETFs might begin trading, indicating that it could happen within the next three months by the end of September.
In Bitcoin’s (BTC) case, ETF inflows were a significant part of its price rally. By Feb. 15, Bitcoin ETFs had accounted for about 75% of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark.
Related: Bitcoin and Ether can ‘greatly improve’ portfolio performance: BBVA
Ether supply on exchanges hits eight-year low
Ether could also see a price breakout due to a potential supply squeeze, as Ether’s supply on cryptocurrency exchanges sunk to an eight-year low.
This could translate into more upward momentum, according to popular crypto analyst Quinten. Quinten François wrote in a June 18 X post 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.”
Related: Bitcoin Wyckoff pattern eyes $85K, but BTC price must close the week above this level first
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.