Ethereum Receives Nod Of Approval From Berstein: ETH Price Will Reach $10,000
February 20 2024 - 9:00AM
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Global asset management firm, Bernstein has expressed confidence,
foreseeing a fairly strong chance of the United States Securities
and Exchange Commission (SEC) approving an Ethereum Spot
ETF. SEC Ethereum Spot ETF Approval Imminent In a
February 19 research report, Bernstein analysts Gautam Chhugani and
Mahika Sapra disclosed that Ethereum, the world’s second-largest
cryptocurrency, may be the only digital asset after Bitcoin, to win
an ETF approval from the US SEC. Related Reading: Bitcoin
Open Interest Reaches $69,000 ATH Levels, What This Means For Price
Following the approval of Spot Bitcoin ETF, many crypto enthusiasts
anticipated Ethereum as the next in line for an ETF. However, given
the SEC’s current stance on cryptocurrencies and its previous
reluctant acceptance of Spot Bitcoin ETFs, the prospects of an
Ethereum ETF have become uncertain. In the research report,
Bernstein analysts predicted the approval timeline for an Ethereum
Spot ETF. They emphasized that the presence of notable traditional
financial firms, including Grayscale and Franklin Templeton,
competing for a Spot Ethereum ETF, strengthens the outlook for its
approval. “We think there is a roughly 50% chance of spot
Ethereum ETF approval by May, with an almost certain chance of
approval within the next 12 months,” the Bernstein report
read. Ethereum’s Roadmap To $10,000 With the potential
approval of Ethereum Spot ETFs, Ethereum may witness a significant
price increase to levels as high as $10,000. Prior to the
SEC’s approval of Spot Bitcoin ETFs on January 10, the anticipation
surrounding the ETF had sparked a massive price rally for the
cryptocurrency. Following the approval and ETF launch, Bitcoin
surged to over $45,000 before witnessing a subsequent price
correction that pushed it back below $40,000. Related
Reading: Crypto Analyst Reveals Why Shiba Inu Price Will Not Reach
$1 Despite the short correction, Bitcoin has been gaining back its
momentum, and at the time of writing, the cryptocurrency is trading
at $51,998, according to CoinMarketCap. This substantial price
increase is largely attributed to the success of its ETF, providing
investors with greater accessibility to Bitcoin, and contributing
to the cryptocurrency’s increased adoption. A similar narrative
could unfold for Ethereum following the approval of its ETF. With
rising interest from institutional investors and the ETF driving
global adoption, the cryptocurrency could potentially attain new
all-time highs above $10,000. In the research report,
Bernstein analysts also confirmed Ethereum’s strong positioning for
mainstream institutional adoption. The analysts emphasized the need
for the cryptocurrency market to shift its attention to Ethereum,
as the cryptocurrency is poised to witness gains following the
approval and launch of its ETF. ETH price reclaims $2,900 | Source:
ETHUSD on Tradingview.com Featured image from Crypto Briefing,
chart from Tradingview.com
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