ETH price prediction: Ethereum ETFs will push the price “to a new all-time high by Q4”! How high can ETH go now, and how did ETFs perform on their first day of trading?
3 min readEthereum ETFs were launched yesterday and are already breaking records. They aren’t as bullish as bitcoin ETFs yet, but that could change. At least that’s what the ETH price prediction believes, forecasting a new all-time high in the fourth quarter of 2024. Should you buy ethereum now?
Ethereum ETFs – Even Better Than Bitcoin ETFs?
For a long time, they were considered impossible, then it wasn’t clear when they would arrive – but now ethereum ETFs are already pushing a massive amount of capital into the Ethereum ecosystem. Top trader Michael van de Poppe, for example, writes to his more than 722,000 followers on X:
“Great first day. Inflow is $590.7 million. Outflow is $484.1 million. Net inflow is $106.6 million.”
Great first day of the $ETH ETF.
The inflow is $590.7 million.
The outflow is $484.1 million.The net inflow is $106.6 million.
The supply increase of $ETH this year is $155 million.
The demand in one day is almost the same as the supply in 2024.
Bullish. pic.twitter.com/Z5TlE8IROW
— Michaël van de Poppe (@CryptoMichNL) July 24, 2024
Bloomberg agency’s ETF expert Eric Balchunas also finds the performance of Ethereum ETFs impressive, commenting: $361 million in inflows in the first 90 minutes – that’s a spectacular performance:
“Here’s where we at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF , which is Top 1%.“
Here's where we at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF volume (about what $TLT and $EEM trade), which is Top 1%. But again compared to a normal ETF launch, which rarely see more than $1m on Day One, all of them have… pic.twitter.com/R5UgQFR1L6
— Eric Balchunas (@EricBalchunas) July 23, 2024
Top 1% on the very first day! Is there still room for improvement? How might Ethereum ETFs develop in the next few weeks and months? Is an inflow slowdown expected? Or could they gain even more momentum?
Tom Dunleavy, managing partner of crypto investment firm MV Global, expects significantly more: Ethereum ETFs could attract up to $10 billion in the next few months. His ETH price prediction:
“I expect a very positive price impact, which will take us to a new all-time high by the beginning of the fourth quarter.”
How high will Ethereum go in 2024?
Dunleavy even anticipates that Ethereum’s price will be more affected by ETFs than Bitcoin is by Bitcoin ETFs.
“ETH ETFs will experience a MASSIVE inflow over the next 5 months. By the end of the year, I predict a net inflow of $8-10 billion. A much larger figure than others.”
But why is he so optimistic about Ethereum ETFs? And why does he think they are better than Bitcoin ETFs? Dunleavy explains:
- “– 45%+ of the total supply is offline… that’s 28% locked in staking, 13% locked in bridges and smart contracts, 5% lost keys (estimated). […]
- – Lowest available balance on exchanges in 5 years. 12% of available BTC on exchanges versus 10% for ETH. – More attractive to traders (e.g., cash flow, internet bonds, deflation, tech stocks, etc.)
- – Lower fees (0.15% for Grayscale ETF is lower than any BTC ETF).”
But what does this mean for the price of Ethereum? How high can Ethereum go? What all-time high will it reach? Dunleavy also addresses this. His ETH price prediction:
“I think we can realistically see ETH at $7,000 to $8,000 by the end of the year.”
Ethereum at $8,000. This corresponds to a +132.29% increase compared to the current price. So, should you buy Ethereum now? ETH is currently trading at $3,463 after a slight 1% drop in the last 24 hours.
