Ethereum (ETH) bulls are charging ahead, with analyst Miles Deutscher predicting a surge to $6,446 by July 23rd. This optimistic forecast hinges on one key factor: the long-awaited approval of a spot Ethereum ETF (Exchange Traded Fund).
Deutscher’s prediction is based on historical data, specifically Bitcoin’s impressive price rally following the launch of its own spot ETFs. After ETF approval, Bitcoin witnessed a remarkable 75% increase within 63 days. This historical precedent provides a framework for projecting a similar upswing in Ethereum’s price, should a spot ETH ETF finally come to fruition.
A 75% Surge and Beyond: Market Cap Hints at Further Potential
Deutscher’s analysis projects a 75.17% jump in Ethereum’s value, mirroring Bitcoin’s post-ETF trajectory. However, some analysts suggest there’s even more room for growth. Ethereum’s current market capitalization, significantly lower than Bitcoin’s, could fuel a steeper price increase upon ETF approval.
Supporting Deutscher’s prediction is the increasing likelihood of a spot ETH ETF getting the green light from the US Securities and Exchange Commission (SEC). Recent reports reveal the SEC engaging with at least one exchange to revise their ETF filings. This shift suggests a more optimistic outlook, with Bloomberg analysts estimating a 75% chance of approval. This news alone triggered a 20% surge in Ethereum’s price on May 20th.
Beyond Approval: Potential Inflows and Long-Term Growth
Standard Chartered analysts, including Geoff Kendrick, predict a significant wave of investment into Ethereum post-ETF approval. Their estimates suggest inflows ranging from $15 billion to $45 billion within the first year, potentially pushing ETH prices to a staggering $8,000 by the end of 2024. This bullish sentiment resonates with other analysts who foresee Bitcoin reaching $150,000 within the same timeframe.
Deadlines Loom for Spot ETH ETF Filings
The first round of deadlines for spot Ether ETF applications is fast approaching. The final deadline for the VanEck ETF filing lands on May 23rd, followed by ARK Invest and 21Shares on May 24th. Notably, the SEC’s recent request for revisions from Nasdaq and CBOE on their applications suggests potential approval on the horizon.
Important Disclaimer: Do Your Own Research
While the future seems bright for Ethereum, it’s crucial to remember that this information is for educational purposes only and should not be considered financial advice. Conduct thorough research before making any investment decisions.
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