QCP Capital, a leading crypto asset trading firm, anticipates a substantial uptick in Ethereum’s value, projecting a potential 60% increase to around $6,000 if a spot ETF receives approval.
Drawing parallels from the performance of spot Bitcoin ETFs approved earlier in January, QCP analysts suggest that Ethereum could witness a similar trajectory. Bitcoin (BTC) surged by 66%, soaring from approximately $44,300 to a peak of $73,700 in the two months following approval.
The spotlight is currently on the Securities and Exchange Commission (SEC) decision regarding Ethereum ETF applications from VanEck and Ark Invest, expected on Thursday and Friday respectively. Notably, other applicants, including Invesco, Fidelity, BlackRock, Grayscale, Franklin Templeton, and Bitwise, have made last-minute adjustments to their filings this week.
“Investors are eagerly awaiting the outcome of the ETH ETF deadline later today. With Friday’s implied volatility exceeding 100%, the market is bracing for significant movement,” stated the QCP analysts in a recent QCP Broadcast. “VanEck’s ETF has already been listed by the DTCC, leading us to believe that approval is highly probable, with potential trading commencing as early as next week.”
QCP‘s optimistic outlook resonates with research firm Bernstein, which earlier in the week highlighted the sustained demand influx witnessed by Bitcoin ETFs post-approval. They suggested a similar trend could emerge for Ethereum (ETH).
“Moreover, ETH‘s free float and supply appear even more attractive than bitcoin, constrained by committed investors and utility locking supply in financial smart contracts,” commented the analysts at Bernstein.
According to CoinMarketCap, Ethereum has experienced a 28% increase in price over the week, accompanied by a 17% surge in trading volume. Presently, its value hovers just below $3,800.
Summary Review: QCP Capital’s optimistic projection for Ethereum’s price surge, coupled with the anticipation surrounding the SEC‘s decision on Ethereum ETF applications, highlights a significant moment for the cryptocurrency market. If approved, the spot ETF could potentially catalyze a substantial increase in Ethereum‘s value, akin to the surge witnessed post-approval of Bitcoin ETFs earlier this year. With Ethereum‘s fundamentals and market dynamics showing promise, investors eagerly await the outcome of the ETF deadline, expecting significant market movements in the near future.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
