Crypto asset trading firm QCP Capital anticipates a potential 60% surge in Ethereum’s price, projecting it could reach approximately $6,000 if a spot ETF is approved.
QCP analysts have based their optimistic forecast on the historical performance of spot Bitcoin ETFs that received approval in January. According to data from crypto.news, Bitcoin (BTC) saw a 66% increase, climbing from around $44,300 to a peak of $73,700 within two months post-approval.
The U.S. Securities and Exchange Commission (SEC) is scheduled to make decisions on Ethereum ETF applications from VanEck and Ark Invest on Thursday and Friday, respectively. In recent developments, other applicants such as Invesco, Fidelity, BlackRock, Grayscale, Franklin Templeton, and Bitwise have made last-minute amendments 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,” QCP analysts stated in their 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 bullish sentiment echoes the perspective of research firm Bernstein. Bernstein analysts noted that, given the consistent demand seen for Bitcoin ETFs post-approval, similar price movements could be anticipated 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 increased by 28% over the past week, with trading volume up by 17%. The cryptocurrency is currently trading just below $3,800.
