As the approval of an Ethereum investment vehicle approaches, $725 billion asset manager Bernstein predicted that ETH will reach $6,600 after approval of a spot ETF. In fact, this increase would set a new all-time high for the asset, following the $4,890 level reached in 2021.
Guatam Chugania and Mahika Sapura, research analysts at the firm, predicted that Ethereum would rise 75% after approval. Furthermore, they noted that the asset is expected to follow a similar path to Bitcoin. Just three months after spot ETFs were approved in January, assets reached an all-time high of $73,000.
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$75 Billion Asset Manager Predicts 75% Rise in Ethereum
Over the past few days, notable changes have occurred in the digital asset market. At the beginning of May, the prospects for spot Ethereum ETFs looked bleak. It appears that the US Securities and Exchange Commission (SEC) was attempting to change the security status of the asset. The field therefore took a pessimistic approach to the potential emergence of investment vehicles.
That all changed on Monday, when Bloomberg analysts first changed their view, raising their chances of approval from 25% to 75%, and then the SEC began signaling approval was imminent.
In anticipation of Ethereum's decision, $75 billion asset management firm Bernstein predicts the price of ETH will reach $6,600 after the spot ETF approval. In fact, the company recently stated that the asset will experience “similar price movements” to Bitcoin.
Also read: Bitcoin and Ethereum ETP wins London Stock Exchange approval
The approval of the Spot Bitcoin ETF took place in January, facilitating a significant increase in its value. On the contrary, this decision should continue what has been revitalizing Ethereum over the past few days.
The second-largest cryptocurrency has surged more than 24% in the past seven days, according to CoinMarketCap. Prices have settled around $3,690, but expectations are high that they will rise if approved. Many experts expect such approval to occur by the end of this week, with Thursday's deadline looming.
