Ed Hindi, co-founder of the Swiss investment firm Tyr Capital, has indicated that the sentiment surrounding Ethereum has reached its lowest point, a state he termed as “peak bearishness,” which might lead to a near-term reversal in its price. The current market sentiment for Ether, often compared to Bitcoin’s situation before the launch of spot exchange-traded funds (ETFs) in the US, suggests that institutions holding Bitcoin may soon incorporate Ether into their portfolios.
Ether is currently trading at $2,673, experiencing a 0.64% decline over the past week according to CoinMarketCap. The cryptocurrency saw a brief rise of 3.5% to $2,776 following a filing by 21Shares on February 12, only to retract those gains within a day. Laura Shin, host of the Unchained podcast, noted the overshadowed significant news, pointing out that comments by Ethereum’s founder, Vitalik Buterin, received more attention than 21Shares’ filing to include staking in its Ether ETF.
Tyr Capital’s Hindi expressed optimism about Ether potentially climbing to $4,000 in the upcoming months, and even reaching new highs of $5,000 by 2025. This sentiment was echoed by other crypto analysts. Crypto Mister remarked on the inevitability of an Ether reversal, while another trader speculated Ether’s price could surpass $10,000 by March, situating Ethereum for potential significant growth based on these projections.
