QCP Capital Says the Support Level for Ethereum: If This Happens, It Will Multiply Bitcoin!

Cryptocurrency trading firm QCP Capital made a statement regarding spot Ethereum ETFs.

QCP Capital included spot Ethereum exchange-traded funds (ETFs) in its May 20 report. Stating that the first round deadlines for ETF applications are approaching, the QCP front pointed to VanEck and Ark Invest/21Shares.

The report stated that VanEck's spot Ethereum application was May 23, and the decision date for the application jointly submitted by Ark Invest/21Shares was May 24.

Stating that Ethereum remains strong at the $ 2,900 level, analysts stated that a possible ETF approval could rapidly increase the price. It was noted that Spot ETF approval could have a greater impact on Ethereum compared to the days when Bitcoin received approval:

A confirmation would likely result in ETH outperforming BTC's price action once confirmed. Given the lack of interest echoed in the market, risk peaks with a surprise confirmation that will catch everyone off guard, triggering a short squeeze and easily returning us to recent highs.