The post Ethereum Takes Over Wall Street: A New Era for Market Access? appeared first on Coinpedia Fintech News
What seemed impossible just three months ago is now a reality. The launch of the first-ever spot Ethereum exchange-traded funds has begun trading in the U.S. exchanges. Ethereum’s growing influence over traditional finance is evident as its flag symbolically flies over Wall Street, hinting at a significant shift in regulatory power.
Flag of ETH is ALL Over Wall Street
Balaji, a well-known crypto enthusiast, recently tweeted that the “flag of ETH is raised over Wall Street,” highlighting Ethereum’s growing impact in traditional finance. His tweet suggests that Ethereum’s importance is rising, with the SEC yielding to a more powerful force.
The flag of ETH is raised over Wall Street.And the SEC surrenders to a more powerful regulator.Because it is Ethereum that now provides standardized market access to all Internet participants.The network defeats the state.pic.twitter.com/7nlQCxXvWz
— Balaji (@balajis) July 26, 2024
Ethereum is now seen as a key player, offering standardized market access to users globally. This change indicates a new era where decentralized networks like Ethereum could challenge traditional state regulators.
As blockchain technology gains influence, it might redefine market access, providing more inclusive opportunities and challenging existing financial systems and regulations. However, Ethereum’s growing role in finance could attract more participants, potentially increasing market activity and innovation.
Wall Street Prediction On Ethereum
Wall Street is buzzing with different predictions for Ethereum now that ETH ETFs are live in the U.S. Standard Chartered analyst Geoff Kendrick believes Ether could reach $8,000 by the end of the year.
Standard Chartered analyst Geoff Kendrick expects the ETH SPOT ETF to be approved this week, leading to inflows of $15 billion to $45 billion in the first 12 months, ETF could push ETH to $8,000 by the end of 2024. Bitcoin will reach $150,000 by the end of 2024.…
— Wu Blockchain (@WuBlockchain) May 21, 2024
In contrast, JP Morgan, a global financial leader, has set a target of $14,000 for Ethereum by 2025. They cite Ethereum’s potential as the core of the DeFi ecosystem, and its smart contract capabilities.
On the other hand, Steno Research forecasts a net inflow of $15 billion to $20 billion into Ethereum in the first year, despite expected outflows from the Grayscale Ethereum Trust. This strong anticipated inflow, combined with other factors, leads Steno Research to predict that Ethereum could hit at least $6,500 later this year.
ETH Finding Support AT $3400
The launch of the Ethereum ETF has aroused significant movement in Ethereum’s price. Recently, Ethereum is trading around $3,269, before consolidating within a narrow range of $3,650 to $3,550 over the weekend.
This suggests a strong support level of around $3,400, reflecting investor confidence and market resilience.
