Bernstein Says ETH Will Hit $6,600 After ETF Approval

Amid the imminent approval of the Ethereum investment vehicle, $725 billion asset manager Bernstein predicted ETH would hit $6,600 after the Spot ETF was approved. Indeed, the rise would represent a new all-time high for the asset, succeeding the level of $4,890 reached in 2021.

The company’s research analysts, Guatam Chhugania and Mahika Sapra, predict a 75% increase for Ethereum following approval. Additionally, they noted that the asset is expected to follow a similar path to Bitcoin. Following its Spot ETF approval in January, the asset reached an all-time high of $73,000 three months later.

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$75B Asset Manager Predicts 75% Rise for Ethereum

In recent days, a notable change has occurred in the digital asset market. In early May, the prospects for a Spot Ethereum ETF seemed slim. The United States Securities and Exchange Commission (SEC) had apparently sought to change the security status of the asset. The sector has therefore taken a pessimistic approach to the potential arrival of the investment vehicle.

However, that changed dramatically on Monday. Bloomberg Analysts were the first to change their minds by increasing the chances of approval from 25% to 75%. Subsequently, the SEC began signaling that approval was coming.

In anticipation of this Ethereum move, $75 billion asset manager Bernstein predicted that ETH would hit a price of $6,600 after the approval of its Spot ETF. Indeed, the company recently stated that the asset would experience “similar price action” to Bitcoin.

Read also: Bitcoin and Ethereum ETPs gain approval from the London Stock Exchange

The approval of the Spot Bitcoin ETF took place in January and saw a considerable increase in its value. Conversely, the move is expected to continue what has been a revitalization of Ethereum over the past few days.

The second largest cryptocurrency has surged more than 24% in the last 7 days, according to CoinMarketCap. Although the price has stabilized around $3,690, there are high hopes for its rise once approval is obtained. Many experts predict that approval will come by the end of the week, with Thursday’s deadline looming.

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