Crypto market participants, especially altcoin investors, have high expectations that a spot Bitcoin ETF will soon be approved in the US. Expectations for Ethereum (ETH) are also high, with the altcoin king anticipated to make a significant move. The famous crypto analyst Pentoshi’s forecast of Ethereum reaching as high as $3,400 is just one of these high expectations.
All Eyes on SEC for a Spot Ethereum ETF
Known for accurate predictions, crypto analyst Pentoshi has announced his short to medium-term expectation of $3,400 for ETH, the largest altcoin. The main driving force behind this expectation is the potential approval of a spot Ethereum exchange-traded fund (ETF) in the US next year.
Earlier this year, major players in asset management, including Ark Invest and 21Shares, applied to the US Securities and Exchange Commission (SEC) for a spot-based Ethereum ETF. If the SEC approves any of these ETFs, an increase in institutional demand for ETH and an influx of capital are expected, which boosts expectations for the altcoin.
Comments on Ethereum Following ETF Approval
Pentoshi previously made headlines with his prediction of a significant rise due to a spot Bitcoin ETF when BTC’s price was trading between $25,000 and $28,000. His prediction remains valid as Bitcoin’s price has risen above $44,000. The analyst now also predicts a similar rise for Ethereum due to the impact of a spot ETF.
As the decision date for the ETF by the SEC approaches, analysts observe that investors are inclined to hold onto their ETH, creating a scenario where others feel compelled to enter the market, potentially leading to upward price pressure. Pentoshi sees the $2,700 and $3,400 levels as potential price targets for the altcoin king. Current data shows Ethereum trading at $2,285 at the time this article was written.
The crypto market is currently awaiting the US regulator’s decision regarding spot Ethereum ETFs. If approved as expected, the SEC’s decision will play a crucial role in determining ETH’s short and medium-term price trajectory.
Market analysts and experts are closely monitoring developments in the ETF approval process, while the crypto world is divided over the potential impact of such regulatory decisions. Some believe an ETF approval will be a real driving force for Ethereum’s price and open new avenues for institutional investors. Others emphasize the need for careful analysis and risk management, warning that the asset’s price is unpredictable and could face a decline contrary to the bullish expectations.
