Ethereum

Bitcoin ETF

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Crypto asset trading firm QCP Capital predicts a potential 60% rally in Ethereum price, pushing it to around $6,000 if a spot ETF is approved. 
QCP analysts based their projections on the performance of the spot Bitcoin ETF numbers that were <a href="https://crypto.news/bitcoin-etf-approval-crypto-volume-spiked-market-cap-rose/" data-type="link" data-id="https://crypto.news/bitcoin-etf-approval-crypto-volume-spiked-market-cap-rose/" rel="">approved</a> in January. According to crypto.news’s price page, Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="">BTC</a>) increased 66% from around $44,300 to peak at $73,700 in the two months following the approval. 
The SEC is set to decide the fate of <a href="https://crypto.news/tag/spot-ethereum-etf/" data-type="link" data-id="https://crypto.news/tag/spot-ethereum-etf/" rel="">Ethereum ETF</a> applications from VanEck and Ark Invest on Thursday and Friday, respectively. Other applicants, including Invesco, Fidelity, BlackRock, Grayscale, Franklin Templeton, and Bitwise, have made last-minute amendments to their <a href="https://crypto.news/ethereum-etf-applicants-submit-19b-4-forms/" data-type="link" data-id="https://crypto.news/ethereum-etf-applicants-submit-19b-4-forms/" rel="">filings</a> this week. 
“All eyes are on the ⁠ETH ETF deadline later today. With Friday implied volatility above 100%, the market is expecting fireworks,” the analysts wrote in the QCP Broadcast. “⁠VanEck’s ETF has been listed by the DTCC. We think an approval is now highly likely with trading expected as early as next week.” 
 You might also like: <a href="https://crypto.news/bloomberg-analyst-foresees-spot-solana-etf-following-ethereum-approval/" rel=""> Bloomberg analyst foresees spot Solana ETF following Ethereum approval </a> 
QCP’s bullish outlook aligns with that of research firm Bernstein. The analysts noted earlier this week that given the sustained demand inflow seen by the <a href="https://crypto.news/tag/bitcoin-etf/" data-type="link" data-id="https://crypto.news/tag/bitcoin-etf/" rel="">Bitcoin ETFs</a> post-approval, they would anticipate parallel price action for Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="">ETH</a>). 
“However, ETH free float and supply looks even more attractive than bitcoin…constrained by sticky investors and utility locking supply in financial smart contracts,” the Bernstein analysts commented. 
According to <a href="https://coinmarketcap.com/currencies/ethereum/" data-type="link" data-id="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="">CoinMarketCap</a>, Ethereum’s price is up 28% for the week, and trading volume is up 17%. It currently sits just below $3,800. 
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 <img loading="lazy" decoding="async" width="970" height="396" src="https://crypto.news/app/uploads/2024/05/ETH_7D_graph_coinmarketcap.jpg" alt="QCP Capital: spot Ethereum ETF approval may boost prices - 21"> 
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 7-day price of ETH from CoinMarketCap
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 Read more: <a href="https://crypto.news/grayscale-unveils-crypto-trusts-for-stacks-and-near/" rel=""> Grayscale unveils crypto trusts for Stacks and Near </a>

QCP Capital: spot Ethereum ETF approval may boost prices

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