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- Popular crypto analyst Credible Crypto predicts that the SEC backing off Ethereum is the last nail in the coffin for bears with the altcoin readying for a new all-time high.
- The analyst expects ETH to reach $5,000 and further predicts that Bitcoin (BTC) will reach $100,000 in this bull cycle.
Ethereum (ETH) is one of the most closely watched cryptocurrencies in the upcoming bull market. Popular crypto analyst Credible Crypto who has risen to prominence due to his uncanny predictions has shared an optimistic outlook on the world’s largest altcoin by market cap, Ethereum (ETH).
Although ETH reached an all-time high earlier this year, the analyst foresees a new all-time high after the approval of ether spot ETFs. The analyst further reveals that it is implausible that ETH will drop to below the $1,600 level.
ETH has found support between $2,800 and $3400 with investors seemingly undecided on the direction the second largest cryptocurrency will take. But recent developments could offer insights. As Crypto News Flash reported, the SEC has closed its investigation into Ethereum, deciding not to pursue charges that ETH sales were securities transactions. Consensys announced last week that the SEC’s Enforcement Division has concluded its investigation into Ethereum 2.0 without bringing any charges.
“The SEC backing off ETH is likely the [last]nail in the coffin for bears here.” Analyst Credible Crypto noted.
At the time of writing, ETH is trading for $34,88 after a 1.5% drop during the weekend. The altcoin has faced bearish pressure with its 49% drop in trading volume indicating wavering investor interest.
The SEC’s closure of the case could be a positive for Ethereum in that it could lead to the approval of an ether spot ETF. As Crypto News Flash highlighted, Bloomberg ETF analyst Eric Balchunas has revised his prediction, suggesting Ethereum ETFs could start trading as early as July 2.
This expedited timeline contrasts with earlier indications from SEC Chairman Gary Gensler. During a Senate hearing on June 13, Gensler mentioned that Ethereum ETF approvals might happen over the summer, but did not provide a specific date for their trading debut, per the Crypto News Flash report.
Comparing this launch to the Bitcoin spot ETF in January, ETH investors anticipate a new all-time high. Some experts have given $6,000, $8,000, $10,000, and $12,000 as possible targets.
The analyst further discussed other altcoins of interest to him. He began with Curve DAO (CRV), the native token of the decentralized finance (DeFi) platform is offering a remarkable opportunity similar to venture capitalists and large investors who backed the platform to prevent a sell-off after an exploit last year.
You often hear people in this space complaining about how it's "unfair" the VC's and "big boys" always get to "get in on the bottom" and how retail never has that chance.
Well here's your chance.
You now get an opportunity to get in on the backbone of defi for less than the… https://t.co/py8ChuDw5w
— CrediBULL Crypto (@CredibleCrypto) June 19, 2024
Additionally, Convex Finance (CVX) is under the analyst’s radar. He reveals that Convex Finance (CVX), the utility token of the DeFi platform is currently experiencing tight liquidity. CVX tokens are locked and staked, this means the circulating supply of tokens is about to reach the maximum supply.
