Ethereum
Ether Price Could Rise 60% After ETF Approval: QCP Capital
- The price of ether could increase by 60% if spot ETFs are approved, QCP Capital wrote.
- An example of upside potential is the previous success of spot Bitcoin ETFs.
- The SEC has hinted that it is ready to approve the fund proposals, which could happen in the coming days.
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Ether could be on the verge of a strong rally if it is able to mimic the gains generated by ETF approval bitcoin reached since January.
Eyes are currently on the second-largest cryptocurrency as US regulators decide whether to approve the country’s first ether spot ETFs. According to a article on Telegram from the crypto-trading company QCP Capitalthis could lead to a 60% upside for the crypto token.
With verdict deadlines approaching, the SEC is expected to release its decisions as early as Thursday. Reports The agency’s move to approve these filings came as a surprise to markets this week, and ether has soared nearly 22% since Monday.
“With implied volatility above 100% on Friday, the market is expecting fireworks,” QCP wrote. “BlackRock and five other issuers amended their ETF filings with the SEC, and VanEck’s ETF was listed by the [Depository Trust and Clearing Corporation]. We believe that approval is now very likely and negotiations are expected as early as next week. »
QCP referenced the success of the Bitcoin ETF by predicting a 60% rally in ether. This token’s meteoric run was sparked in mid-January when the SEC also gave the green light to spot Bitcoin ETFs. Since then, the top cryptocurrency has reached an all-time high of over $73,000, although it has since pared its gains.
As a result, Ether purchases have also increased sharply this month: since May 1, CryptoQuant Data shows an 85% increase in ether taker purchase volume, or the amount of crypto purchased from sellers on an exchange.
Wall Street’s new optimism about a further ETF-led crypto rally has reinvigorated the bullish outlook on ether and bitcoin. For example, Standard Chartered confirmed his position that ether could reach $8,000 by the end of this year, which will further bring bitcoin to a target of $150,000.
Additionally, Geoff Kendrick, head of FX research, wrote that ether spot ETFs are unlikely to run into the same issues that plague bitcoin, such as high volatility in inflows. .