Bernstein Analysts Predict ETH Price to Rise 75% to $6,600 After Spot Ethereum ETF Approval
As the deadline for the SEC to decide on VanECK's spot Ethereum ETF application approaches, Bernstein analysts have evaluated the potential impact on ETH's price following the anticipated approval.
According to DL News, Bernstein analysts Gautam Chhugani and Mahika Sapra have predicted that ETH's price will rise 75% to $6,600 after the spot Ethereum ETF is approved. This prediction was shared in a recent report.
The analysts based their forecast on the similar behavior observed when spot Bitcoin ETFs were approved in January, stating:
"In the weeks following the SEC's approval of a similar Bitcoin product in January, Bitcoin's price increased by 75%. We expect a similar price movement for ETH."
If ETH sees a similar 75% increase, this would mean its price would rise to $6,600.
Recently, the cryptocurrency community has speculated that the increasing likelihood of spot ETH ETFs being approved will contribute to optimism for a new bullish phase for Ethereum after a few unstable months.
At the time of writing, Ethereum is trading at around $3,756, experiencing a slight decrease of 0.85% in the past 24 hours.