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

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As an experienced financial analyst, I have closely followed the cryptocurrency market and its trends for several years. Based on my analysis of the current situation, I am bullish on Ethereum (ETH) and believe that the price of the coin is poised to retest and surpass its all-time high if the spot ETF product is approved by the SEC.

Currently, Ethereum (ETH) is drawing significant attention due to the mounting excitement surrounding potential approval of spot ETFs. Following this trend, Bernstein Analyst Gautam Chhugani anticipates that the value of Ethereum could challenge and surpass its previous record high (ATH).

Bullish cash for Ethereum

As I pen down this text, Ethereum is currently trading at a price of $3778.37, marking a 2.75% increase in value over the past 24 hours. The cryptocurrency reached an intraday high of $3,943.55 during this period, aiming to challenge its significant resistance level near the $4,000 threshold.

Based on the analysis of an industry expert, Ethereum could experience a significant surge of up to 75% from its current value if the SEC approves a long-awaited ETH exchange-traded fund (ETF) product in the US. In his optimistic scenario, the price of Ethereum might soar as high as $6,600 in the short term.

Chhugani is hopeful that Ethereum’s price will mimic Bitcoin‘s, which reached a new all-time high post-approval of its linked spot ETF in January. If the regulator gives the green light to an Ethereum spot ETF, a substantial amount of money could flow into the market, thereby reducing the coin’s availability on exchanges.

As a researcher studying the Ethereum market, I’ve observed that the exchange volume of Ethereum has reached a three-year low of 13.7 million ETH. If the current demand for Ethereum matches or exceeds the expected supply brought about by the introduction of a spot Ether Exchange Traded Fund (ETF) product, then Ethereum’s price could experience significant growth.

Historic moment for Ethereum

Although Ethereum ranks as the second-largest digital currency based on market capitalization, its pursuit of an Exchange-Traded Fund (ETF) has largely proved to be a fruitless endeavor until now. However, with VanEck’s application set for a decision today, there is renewed hope that Ethereum could soon follow in Bitcoin’s footsteps and make history if approval is granted for the groundbreaking product.

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2024-05-23 18:30