Cryptoasset trading firm QCP Capital predicts a potential 60% rally in the price of ethereum, taking it to around $6,000 if a spot ETF is approved.
QCP analysts based their projections on the performance of the bitcoin ETF spot numbers that were approved in January. According to the crypto.news price page, bitcoin (btc) rose 66% from around $44,300 to a high of $73,700 in the two months following approval.
The SEC will decide the fate of VanEck and Ark Invest's ethereum ETF applications on Thursday and Friday, respectively. Other applicants, including Invesco, Fidelity, BlackRock, Grayscale, Franklin Templeton and Bitwise, made last-minute changes to their filings this week.
“All eyes are on the eth ETF deadline later today. With Friday implied volatility above 100%, the market is expecting fireworks,” analysts wrote in QCP Broadcast. “VanEck ETF has been listed by DTCC. “We believe an approval is now very likely and they are expected to go on the market next week.”
QCP's bullish outlook aligns with that of research firm Bernstein. Analysts noted earlier this week that given the sustained influx of demand seen for bitcoin ETFs following their approval, they would anticipate parallel price action for ethereum (eth).
“However, eth supply and free float appear even more attractive than bitcoin… limited by rigid investors and utility-locking supply in smart financial contracts,” Bernstein analysts commented.
According ethereum/” data-type=”link” data-id=”https://coinmarketcap.com/currencies/ethereum/” target=”_blank” rel=””>CoinMarketCap, ethereum price is up 28% over the week and trading volume is up 17%. It currently sits just below $3,800.
<img loading="lazy" decoding="async" width="970" height="396" src="https://crypto.news/app/uploads/2024/05/ETH_7D_graph_coinmarketcap.jpg” alt=”QCP Capital: ethereum ETF spot approval may boost prices – 1″/>
