Retail investors are underestimating Ethereum (ETH), which could reach a new peak faster than other assets, according to MN Trading founder Michaël van de Poppe.
Will the #Altcoins ever rally again?
I think so. I think they’ll be starting to rally in the coming period, and yes, I’ve been getting hammered on my portfolio for taking a position in them too early.
I discuss this in my latest video: https://t.co/uwby6SckHD
However, the…
— Michaël van de Poppe (@CryptoMichNL) July 14, 2024
He noted that the capitalization of BlackRock’s Ethereum fund recently surpassed $500 million, indicating strong institutional demand. In contrast, social media sentiment remains bearish, with some expecting further ETH corrections. According to him, this reflects an underestimation of the cryptocurrency ecosystem’s development.
“The difference between retail end-users on social media and fundamental institutions working with Ethereum is enormous. This shows that the former have no idea what is happening or what will happen next,” the analyst stated.
Van de Poppe considers the approval of spot ETFs based on the asset in the US, expected this week, as one of the catalysts for ETH’s outpacing growth.
A similar forecast was made by ETF Institute founder Nate Geraci, who saw no “good reasons” for further delays.
Welcome to spot eth ETF approval week…
I’m calling it.
Don’t know anything specific, just can’t come up w/ good reason for any further delay at this point.
Issuers ready for launch.
— Nate Geraci (@NateGeraci) July 14, 2024
Steno Research suggested that ETH prices could rise to $6500 following the launch of cryptocurrency-based exchange-traded funds. Conversely, Euro Pacific Capital President Peter Schiff predicted a drop to $1500.
Earlier on July 14, van de Poppe announced the start of a new market cycle as Bitcoin prices returned to levels above $60,000.