Ethereum Receives Nod of Approval from Bernstein: ETH Price Will Reach $10,000
Following the recent approval of a Spot Bitcoin ETF, many crypto enthusiasts are now turning their attention to Ethereum as the next digital asset in line for a similar approval. Analysts at Bernstein, a global asset management firm, have predicted the timeline for an Ethereum Spot ETF approval.
The recently released research report from Bernstein analysts Gautam Chhugani and Mahika Sapra suggests that Ethereum, as the world’s second-largest cryptocurrency, has a strong chance of winning approval for an ETF from the United States Securities and Exchange Commission (SEC), following Bitcoin.
Despite the SEC’s current cautious stance on cryptocurrencies and its previous hesitancy in approving Spot Bitcoin ETFs, Bernstein analysts believe that Ethereum stands a good chance of approval. Noteworthy financial firms such as Grayscale and Franklin Templeton are also vying for approval of a Spot Ethereum ETF, which further strengthens the likelihood of SEC approval.
According to the report, there is a 50% chance of Ethereum Spot ETF approval by May, and it is almost certain to gain approval within the next 12 months.
If an Ethereum Spot ETF is indeed approved, Ethereum’s price could reach new heights, potentially reaching $10,000. Similar to what happened with Bitcoin after the approval of its ETF, Ethereum could experience a significant rally and a surge in adoption, driven by increased accessibility for investors.
Prior to the approval of Spot Bitcoin ETFs on January 10, Bitcoin saw a massive price rally, reaching over $45,000 before a subsequent correction. However, Bitcoin has regained its momentum and is currently trading at $51,998, as per CoinMarketCap.
With rising interest from institutional investors and the anticipated ETF approval, Ethereum is well-positioned for mainstream institutional adoption, according to the Bernstein analysts. The cryptocurrency market’s attention is shifting towards Ethereum, with the potential for substantial gains following the launch of its ETF.
Given the success of Bitcoin’s ETF, which has contributed to increased adoption and accessibility for investors, a similar narrative could unfold for Ethereum. If an Ethereum Spot ETF is approved, the cryptocurrency could potentially surpass its previous all-time highs and reach levels above $10,000.
The road to $10,000 for Ethereum is becoming clearer, and it seems that Bernstein’s approval prediction may not be far off. Investors and enthusiasts eagerly await the SEC’s decision on whether Ethereum will be the next digital asset to receive the coveted ETF approval.
Analyst comment
Positive news: Ethereum Receives Nod of Approval from Bernstein: ETH Price Will Reach $10,000
As an analyst, the market is likely to react positively to the news of potential Ethereum Spot ETF approval. With rising institutional interest and the success of Bitcoin’s ETF, Ethereum could experience a significant rally and surge in adoption. There is a strong possibility that Ethereum’s price could surpass its previous all-time highs and reach levels above $10,000.
