Galaxy’s Novogratz sees Ethereum flipping $4K to support – Here’s why
Main Idea
Crypto leaders, including Galaxy Digital CEO Mike Novogratz and FundStrat CEO Tom Lee, are bullish on Ethereum (ETH), predicting it could surpass $4K and potentially reach $5.7K, supported by low selling pressure and institutional demand.
Key Points
1. Ethereum's price has risen 150% from April lows, with Galaxy Digital CEO Mike Novogratz predicting it could break $4K by year-end, dismissing claims of a cycle top near that level.
2. FundStrat CEO Tom Lee projects a 60% upside for ETH, citing the ETH/BTC ratio potentially reclaiming last year's level of 0.05, implying a $5.7K target.
3. Institutional demand for ETH is growing, with spot ETH ETFs seeing $5.3 billion in inflows, and crypto-native treasury reserves holding 2.73 million ETH (2.26% of supply).
4. ETH's Exchange Netflow has dropped to a two-year low, indicating accumulation rather than sell-off, reinforcing the bullish outlook.
5. Despite the positive trend, unforeseen macroeconomic factors could negatively impact ETH's price trajectory.
Description
Overall ETH selling pressure on exchanges has dropped to a 2-year low.
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