Ethereum ETF spot approval could boost prices

Crypto asset trading firm QCP Capital predicts a potential 60% rise in the price of Ethereum, pushing it to around $6,000 if a spot ETF is approved.

QCP analysts based their projections on the performance of spot Bitcoin ETF figures which were approved in January. According to the crypto.news price page, Bitcoin (BTC) rose 66% from around $44,300 to peak at $73,700 within two months of approval.

The SEC is about to decide the fate of Ethereum ETF applications from VanEck and Ark Invest respectively on Thursday and Friday. Other candidates, including Invesco, Fidelity, BlackRock, Grayscale, Franklin Templeton and Bitwise, made last-minute changes to their deposits this week.

“All eyes are on the ETH ETF deadline later today. With implied volatility above 100% on Friday, the market is expecting fireworks,” analysts wrote in QCP Broadcast. “VanEck’s ETF has been listed by the DTCC. We believe a approval is now very likely and negotiations are expected as early as next week.

QCP’s bullish outlook aligns with that of research firm Bernstein. Analysts noted earlier this week that given the sustained influx of demand seen by the Bitcoin ETF after approval, they would anticipate parallel action on Ethereum prices (ETH).

“However, the free float and supply of ETH looks even more attractive than bitcoin…constrained by sticky investors and utilities blocking supply in smart financial contracts,” Bernstein analysts commented.

According to CoinMarketCap, Ethereum price increased 28% for the week and trading volume increased 17%. It currently sits just below $3,800.

7-day ETH price from CoinMarketCap

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