Market analyst Miles Deutscher has made a bold prediction about the future price of Ethereum (ETH), stating that it could reach $6,446 by July 23 if a spot ETH ETF product receives approval. Deutscher drew parallels with Bitcoin’s performance after its ETF approval and suggested that Ethereum could experience a similar rally.
Deutscher’s analysis is based on historical data, specifically Bitcoin’s performance following the approval of its spot ETFs. After the approval, Bitcoin saw a significant 75% increase in its value over a period of 63 days. Deutscher believes that if Ethereum follows a similar trajectory, it could see a 75.17% increase in its value as well. Other observers also suggest that Ethereum has more upside potential due to indicators such as market capitalization.
It is worth noting that Ethereum is currently up 23.5% on the daily charts, trading at $3,787.17, while Bitcoin is priced at $70,894.16, up more than 5% in the past 24 hours.
Recent developments indicate a growing possibility of the U.S. Securities and Exchange Commission (SEC) approving a spot Ether ETF. Sources familiar with the matter have revealed that the SEC has reached out to at least one exchange to discuss necessary filings. Bloomberg analysts estimate a 75% chance of approval, further increasing the odds. This speculation has already led to a 20% boost in Ethereum’s price on May 20.
Standard Chartered analysts, including Geoff Kendrick, predict significant inflows into Ethereum once the ETF is approved. They anticipate inflows ranging from $15 billion to $45 billion in the first year, potentially driving ETH prices to $8,000 by the end of 2024. This positive outlook is shared by other market analysts who also foresee Bitcoin reaching $150,000 by the same period.
The deadlines for spot Ether ETFs are approaching quickly, with the VanEck ETF filing deadline on May 23, followed by the ARK Invest and 21Shares deadline on May 24. The SEC’s recent request for Nasdaq and CBOE to refine their applications suggests a possible approval.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.