Swyftx analyst: Multiple factors are expected to help ETH reach new highs this year

Pav Hundal, chief market analyst at Swyftx, believes that although the price of ETH barely moved on the first day of trading for the Ethereum spot ETF, it could still hit a record high this year. "If the Ethereum community is looking for another reason to put it back in the spotlight, the unexpected should be expected. It has unprecedented factors. Everyone is looking forward to any good news." He cited the large amount of ETH currently staked and the recent launch of ETFs as two major factors, in addition to the positive sentiment in the options market. Hundal did not specify an exact price prediction, but he believes that ETH's "near-term goal" is to return to its all-time high of $4,890 set in November 2021. However, he expects that its price "may fluctuate" in the next 30 days. (Cointelegraph)