Ethereum
Ethereum Poised for 60% Rally After ETF Approval, Expert Says: ‘Market Expects Fireworks’
The price of Ethereum (CRYPTO:ETH) could skyrocket 60% after the first-ever Ethereum spot exchange-traded fund was approved by US regulators, according to a leading crypto trading firm.
What happened: The Securities and Exchange Commission has approved the first Ethereum spot ETFs in the United States. The move could lead to a significant increase in the value of the second-largest cryptocurrency, according to a post on Telegram from crypto trading firm QCP Capital.
QCP Capital predicted a 60% increase in Ethereum’s value after the ETF was approved. News of the potential approval has already sent Ethereum’s price up nearly 20% since Monday.
“With implied volatility above 100% on Friday, the market is expecting fireworks,” QCP wrote.
See also: Bonk and Pepe top Bitcoin and Ethereum gains amid torrid rally – Beat Biggies Dogecoin and Shiba Inu in trading volumes
QCP Capital also highlighted that the approval of Bitcoin (CRYPTO: BTC) ETFs in January led to a significant rise in the value of Bitcoin. Since then, Bitcoin has reached an all-time high of over $73,000. This has also led to a substantial increase in Ethereum purchases, with CryptoQuant data showing an 85% increase in Ethereum purchase volume since May 1.
Why is this important: The potential approval of Ethereum ETFs by the SEC could have a significant impact on the cryptocurrency market. The approval of Ethereum ETFs would open the door for traditional investors to access the cryptocurrency, which could lead to an increase in its value. This development could also affect other cryptocurrencies, such as Solana, which may find it more difficult to outperform Ethereum following the ETF approval.
Additionally, the potential approval of Ethereum ETFs could have political implications. As Cathie Bois As expected, crypto could be an important issue in the race for the White House in 2024. The approval of Ethereum ETFs could further solidify the importance of crypto in the political landscape.
Additionally, the potential approval of Ethereum ETFs could bring “animal spirits” back to the crypto market, as one crypto trader predicts.
Price Action: Ether is trading at $3,672, down almost 3% in the last 24 hours, however, the coin is up almost 20% this week and 56.08% since the start of the ‘year.
Read Next: Bitcoin, Ethereum and Dogecoin Sink on Inflation Concerns in Fed Minutes: Analyst Says Odds Are ‘In Favor’ of King Crypto Bulls
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote