Bernstein Predicts ETH Rally to $6,600 Upon US Regulator's ETF Approval
CryptoNewsTerminal Staff21 May, 2024
Bernstein Predicts ETH Rally to $6,600 Upon US Regulator's ETF Approval
Bernstein, a prominent Wall Street investment bank, has released a report indicating that Ethereum (ETH) could surge to $6,600 if the US regulatory bodies approve an ETH spot exchange-traded fund (ETF) this week. The prediction is based on the 75% increase in Bitcoin's (BTC) value after the Securities and Exchange Commission (SEC) approved its spot ETF in January. Gautam Chhugani and Mahika Sapra, analysts at Bernstein, stated, "Following the SEC's approval of the first bitcoin spot ETF in January this year, BTC rallied by 75% over the following weeks. We expect ETH to show a similar appreciation." The approval of an ETH spot ETF would allow investors to speculate on the price of ETH without purchasing the asset directly. This could lead to increased demand and a subsequent rally in the price. However, it's important to note that the approval of an ETF is not guaranteed, and market conditions can change rapidly.
