International asset administration agency, Bernstein has expressed confidence, foreseeing a reasonably sturdy likelihood of the USA Securities and Change 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, will 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 fans anticipated Ethereum as the following in line for an ETF. Nevertheless, given the SEC’s present stance on cryptocurrencies and its earlier reluctant acceptance of Spot Bitcoin ETFs, the prospects of an Ethereum ETF have change into uncertain.
Within 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 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 a large 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 brief 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 traders with better accessibility to Bitcoin, and contributing to the cryptocurrency’s elevated adoption.
An identical narrative might unfold for Ethereum following the approval of its ETF. With rising curiosity from institutional traders and the ETF driving world adoption, the cryptocurrency might probably attain new all-time highs above $10,000.
Within the analysis report, Bernstein analysts additionally confirmed Ethereum’s sturdy 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 good points following the approval and launch of its ETF.
ETH value reclaims $2,900 | Supply: ETHUSD on Tradingview.com
Featured picture from Crypto Briefing, chart from Tradingview.com
Disclaimer: The article is offered for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use info offered on this web site solely at your personal threat.
