Ethereum Predicted to Hit $3,600 Before Launch of Spot Ethereum ETF

Bittime - Andrew Kang, co-founder of Mechanism Capital, predicts that Ethereum (ETH) will approach the $3,600 mark before the launch of the Ethereum Spot ETF. Conversely, the ETH/BTC ratio is expected to fall.

Bitcoin's Performance is not Good

Kang explained that Bitcoin (BTC)'s strong performance amidst unfavorable market structure could indicate important developments that have not yet been announced. 

This may include the participation of new major market players (such as Dell), the easing of crypto policies in China, the launch of ETFs, as well as national-level BTC acceptance initiatives (such as by the US government).

Market Developments and its Impact on ETH

Andrew Kang also noted that if these expectations materialize, BTC may have bottomed out in the $50,000 range, and the $40,000 valuation correction may no longer hold. 

Most altcoins will likely hit lower highs in this rally, except for a few strong meme coins like Mog, Popcat, and Apu. Kang added that BTC, ETH, and other altcoins have experienced drops of 20-50% recently. 

According to him, ETH fell slightly below the lower limit of its estimated range. This is likely due to the German sale of BTC, fears regarding the sale of Mt. Gox, and delays in ETF launch.

Ethereum Price Prediction Ahead of Ethereum Spot ETF Launch

Andrew Kang estimates that with this sizable sell-off, there is a possibility of an ETH relief rally ahead of the ETF approval. However, he expects this increase to be capped at $3,600. 

This situation reminded him of the period before the previous Ethereum merger. Kang still believes that ETH/BTC will decline for some time after the approval or launch of the ETF.

Also Read: Ethereum Diprediksi Mencapai $3,600 Sebelum Peluncuran ETF Ethereum Spot

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