Ethereum is up by 1.67% in the last 24 hours, listed at $2,304.40 at the time of drafting this article. There is a possibility that ETH may rise more in the days to come. The statement is based on the anticipation that the US SEC will likely approve the remaining Ether ETF applications. An alternate expectation is that the price may not be affected or have little impact. So, a simple answer is that there is a chance of ETH rising after the Commission approves applications, and there is also a chance that the actual impact may be minimal.
Potential SEC approval for Ethereum Spot ETF
A rise to $3,000 would be massive. Analysts estimate a milestone that goes beyond that mark. Standard Chartered Bank is optimistic about what the approval can do to the price of ETH. For reference, the approval is tentatively scheduled to happen in May this year, that is, in 2024. The community is looking forward to the approval. Most of them have their sights set on knowing if it mimics the trend of BTC.
There will be a variation for two major reasons:
- The US Securities & Exchange Commission has not categorized Ether as a security.
- ETH is listed as a regulated futures contract on the Chicago Mercantile Exchange.
Both factors, collectively, are weighing on the chances of ETH ETF seeing the light at the end of the tunnel. Also, a phase in which the Commission begins rejecting applications is near its initial pivotal point.
If approved, and once approved, it will be permissible to operate days prior to May 23, 2024, with a $4,000 margin. BTC did rise for a couple of days before the SEC was expected to give a green light. While Bitcoin’s price has dramatically come down amid selling pressure, which has eased off now, the token remains poised to surpass its ATH by the end of this year. One layer that the ETH community eagerly anticipates following the approval period mimics the trend observed in BTC.
Perspectives on the Ethereum Bull Run
Standard Chartered Bank is extremely vocal about ETH hitting the bull run before and after the deadline. Geoffrey Kendrick, shedding away every inch of hesitation, has expressed his confidence in Ethereum, which is surging massively around the deadline. In actuality, Kendrick himself has cited the level of $4k.
That said, this is not the first time he has come out in support of a crypto token. Kendrick anticipates that BTC will touch $200,000 by the end of 2025 and is also bullish about the Bitcoin ETF. He has now backed off the deadline of May 23, 2024, for ETH ETF applications.
Eric, a crypto analyst, has rather gotten over-excited with the possibility of Ether ETF. He has said that a jump to $20,000 is inevitable based on its tendency to mirror the trends of Bitcoin. BTC did rise from $3,100 to $69,000. Ethereum could do that by hitting the said mark, jumping from the low of $880 for 2022.
It is only right to assume that the target of $20k is a far-fetched dream. Despite ETH mirroring BTC in several instances, the token is less likely to reach there any sooner. According to Standard Chartered, the best it could be is $4,000, an achievable target. Ethereum price prediction estimates that the $4k mark could be hit in June-July this year, with the least possible value appearing on the alternate side as ~$3,900.
No matter what words one hears, it is recommended to exercise caution while investing in ETH, or any other crypto, for that matter. The token is expected to break some notable milestones, per Standard Chartered Bank and crypto analysts, but the volatility factor cannot be ignored at any point.