The post Bernstein: Spot Ethereum ETF Approval Anticipated Could Drive Price Surge To $6,600 appeared on BitcoinEthereumNews.com.

Key Points: Ethereum’s price could rise 75% to $6,600 if a spot Ethereum ETF approval occurs. The SEC is expected to decide on Ethereum ETF applications from VanEck and Ark Investments this week. According to DL News, Analysts Gautam Chhugani and Mahika Sapra from Bernstein predict that the spot Ethereum ETF approval could boost Ethereum’s price by 75%, reaching approximately $6,600. This projection draws parallels to the SEC’s approval of a similar Bitcoin ETF in January, which led to a comparable increase in Bitcoin’s price. ETH Price Surge Predicted with Spot Ethereum ETF Approval Ethereum’s recent price uptick is fueled by growing optimism over the potential approval of exchange-traded funds (ETFs) tracking the cryptocurrency. According to FOX Business, the Securities and Exchange Commission (SEC) may approve a spot Ethereum ETF as soon as this week. While the spot Ethereum ETF approval is not guaranteed, there are indications that the SEC staff is increasingly favorable towards at least partial approval of these products, as reported by FOX Business. The decision deadline for the SEC to approve the so-called 19b-4 applications, submitted by the CBOE exchange on behalf of VanEck and Ark Investments in partnership with 21 Shares, is approaching on Thursday. Market Optimism Grows Amidst ETF Amendments and Listings This anticipation has already impacted market sentiment. Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the odds of U.S. spot Ethereum ETF approval from 25% to 75% after observing positive signals from the SEC. In response, Ark Invest amended its spot Ethereum ETF application to remove staking components, a move mirrored by Fidelity and Grayscale in their respective filings. VanEck’s Ethereum ETF application, set for a decision by May 23, has garnered significant attention. The ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol…

---

Filed under: News - @ May 22, 2024 11:14 pm