International asset administration agency, Bernstein has expressed confidence, foreseeing a reasonably robust likelihood of the US Securities and Alternate Fee (SEC) approving an Ethereum Spot ETF.
SEC Ethereum Spot ETF Approval Imminent
In a February 19 analysis report, Bernstein analysts Gautam Chhugani and Mahika Sapra disclosed that Ethereum, the world’s second-largest cryptocurrency, stands out as the solely digital asset after Bitcoin, to win an ETF approval from the US SEC.
Following the approval of Spot Bitcoin ETF, many crypto fanatics anticipated Ethereum as the subsequent in line for an ETF. Nonetheless, given the SEC’s present stance on cryptocurrencies and its earlier reluctant acceptance of Spot Bitcoin ETFs, the prospects of an Ethereum ETF have turn into unsure.
Within the analysis report, Bernstein analysts predicted the approval timeline for an Ethereum Spot ETF. They emphasised that the presence of notable conventional monetary companies, together with Grayscale and Franklin Templeton, competing for a Spot Ethereum ETF, strengthens the outlook for its approval.
“We predict there’s a roughly 50% likelihood of spot Ethereum ETF approval by Might, with an virtually sure likelihood of approval inside the subsequent 12 months,” the Bernstein report learn.
Ethereum’s Roadmap To $10,000
With the potential approval of Ethereum Spot ETFs, Ethereum might witness a big value enhance to ranges as excessive as $10,000. Previous to the SEC’s approval of Spot Bitcoin ETFs on January 10, the anticipation surrounding the ETF had sparked an enormous value rally for the cryptocurrency. Following the approval and ETF launch, Bitcoin surged to over $45,000 earlier than witnessing a subsequent value correction that pushed it again under $40,000.
Regardless of the quick correction, Bitcoin has been gaining again its momentum, and on the time of writing, the cryptocurrency is buying and selling at $51,998, in keeping with CoinMarketCap. This substantial value enhance is basically attributed to the success of its ETF, offering traders with better accessibility to Bitcoin, and contributing to the cryptocurrency’s elevated adoption.
An identical narrative may unfold for Ethereum following the approval of its ETF. With rising curiosity from institutional traders and the ETF driving world adoption, the cryptocurrency may doubtlessly attain new all-time highs above $10,000.
Within the analysis report, Bernstein analysts additionally confirmed Ethereum’s robust positioning for mainstream institutional adoption. The analysts emphasised the necessity for the cryptocurrency market to shift its consideration to Ethereum, because the cryptocurrency is poised to witness positive aspects following the approval and launch of its ETF.
ETH value reclaims $2,900 | Supply: ETHUSD on Tradingview.com
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