Crypto asset trading firm QCP Capital has forecasted a significant potential increase in Ethereum’s price, predicting a 60% rally to around $6,000 if a spot ETF receives approval.
QCP analysts have based their projections on the historical performance following the approval of spot Bitcoin ETFs in January. According to crypto.news’s price page, Bitcoin (BTC) surged by 66%, climbing from approximately $44,300 to a peak of $73,700 within two months of the ETF approval.
The SEC is slated to make decisions on Ethereum ETF applications from VanEck and Ark Invest on Thursday and Friday, respectively. Other major applicants, including Invesco, Fidelity, BlackRock, Grayscale, Franklin Templeton, and Bitwise, have recently amended their filings in anticipation of these decisions.
“All eyes are on the ETH ETF deadline later today. With Friday implied volatility above 100%, the market is expecting fireworks,” stated the analysts in the QCP Broadcast. “VanEck’s ETF has been listed by the DTCC. We think an approval is now highly likely, with trading expected as early as next week.”
QCP’s optimistic outlook is echoed by research firm Bernstein, which noted that the sustained demand seen by Bitcoin ETFs post-approval could indicate similar price action for Ethereum (ETH).
“However, ETH free float and supply looks even more attractive than Bitcoin… constrained by sticky investors and utility locking supply in financial smart contracts,” Bernstein analysts remarked.
According to CoinMarketCap, Ethereum’s price has risen by 28% over the past week, with trading volume up 17%. Currently, it sits just below $3,800.
This anticipated surge in Ethereum’s value underscores the high expectations and market excitement surrounding the potential approval of Ethereum ETFs, which could significantly impact the cryptocurrency landscape.
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