Global asset administration agency, Bernstein has expressed confidence, foreseeing a reasonably robust probability of the United States Securities and Exchange Commission (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, could be 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 following in line for an ETF. However, given the SEC’s present stance on cryptocurrencies and its earlier reluctant acceptance of Spot Bitcoin ETFs, the prospects of an Ethereum ETF have develop into uncertain.
In the analysis report, Bernstein analysts predicted the approval timeline for an Ethereum Spot ETF. They emphasised that the presence of notable traditional financial firms, together with Grayscale and Franklin Templeton, competing for a Spot Ethereum ETF, strengthens the outlook for its approval.
“We think there is a roughly 50% chance of spot Ethereum ETF approval by May, with an almost certain chance of approval within the next 12 months,” the Bernstein report learn.
Ethereum’s Roadmap To $10,000
With the potential approval of Ethereum Spot ETFs, Ethereum might witness a significant price increase to ranges as excessive as $10,000. Prior 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 beneath $40,000.
Despite 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 line with CoinMarketCap. This substantial value enhance is essentially attributed to the success of its ETF, offering buyers with larger accessibility to Bitcoin, and contributing to the cryptocurrency’s elevated adoption.
The same narrative may unfold for Ethereum following the approval of its ETF. With rising curiosity from institutional buyers and the ETF driving international adoption, the cryptocurrency may probably attain new all-time highs above $10,000.
In 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 factors following the approval and launch of its ETF.
ETH value reclaims $2,900 | Source: ETHUSD on Tradingview.com
Featured picture from Crypto Briefing, chart from Tradingview.com
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