Ethereum

United

mirror

<figure> 
 <figcaption>
  Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<p dir="ltr">Ethereum (ETH) is in the spotlight at the moment amid the&nbsp;<a href="https://u.today/ethereum-eth-skyrockets-in-key-metric-whats-happening">growing hype</a> surrounding spot ETF approval. Diving into the growing sentiment around Ethereum, Bernstein Analyst Gautam Chhugani has&nbsp;<a href="https://cryptorank.io/news/feed/427f6-ethereum-price-will-hit-6600-after-spot-etf">predicted</a> that the price of the coin is on track to retest and surpass its all-time high (ATH).</p>
<h2 id="bullish-cash-for-ethereum">Bullish cash for Ethereum</h2>
<p dir="ltr">At the time of writing, the price of Ethereum is changing hands for $3778.37, up by 2.75% in 24 hours. The coin jumped as high as $3,943.55 in the past 24 hours as it looks to retest its major psychological level of around $4,000.</p>
<p dir="ltr">According to the analyst, Ethereum is primed for a 75% rally from its current level if the spot ETH ETF product is finally approved by the United States Securities and Exchange Commission (SEC). Per his best-case projection, he foresees the price of the coin jumping as high as $6,600 in the near term.</p>
<p dir="ltr">Chhugani is optimistic that the price of Ethereum can mirror that of&nbsp;<a href="https://u.today/bitcoin-btc-on-verge-of-100000-heres-why">Bitcoin</a>, which soared to a new ATH following the approval of its associated spot ETF product in January. Should the regulator approve the spot Ethereum ETF, there will be a massive inflow of capital into the market, helping to crunch the coin’s supply on exchanges.</p>
<p dir="ltr">Current data already suggests that the Ethereum exchange volume is at its three-year low of 13.7 million ETH. If the shortage in Ethereum's supply meets the demand that might accompany the spot Ether ETF product, the upside is massive for the coin’s price.</p>
<h2 id="historic-moment-for-ethereum">Historic moment for Ethereum</h2>
<p>Despite being recognized as the second-largest digital currency by market capitalization, the quest for a spot Ethereum ETF has been largely a wild goose chase until this week. With VanEck’s application set for a decision today, Ethereum might join Bitcoin in making history if&nbsp;<a href="https://u.today/ethereum-etf-approval-is-last-dam-to-be-broken-for-entire-crypto-industry-anthony-pompliano">approval</a> is finally given for the product.</p>

Bernstein Predicts Ethereum to $6,600, But There's a Catch

Table of Contents

U_Today

Other articles published on May 23, 2024

Nvidia Market Value Triumphs Over All German Stocks' Worth Combined!

U.S. House Passes Major Crypto Bill, Shifts Regulatory Power to CFTC

Retik Finance (RETIK): New Solana Competitor Goes Parabolic at Launch, Creates Millionaires Overn...

Introducing STEPN GO: Rewarding Movement & Social Life

Central Bank Announces Interest Rate Decision

Bitcoin Developer Calls Future ‘Bleak’ AI Altcoin Set For Growth Breakthroughs

Join our free newsletter for daily crypto updates!