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The king of altcoins, Ethereum (ETH), despite its strong performance in 2024, has not yet surpassed its all-time high (ATH) unlike Bitcoin (BTC) and other cryptocurrencies. Currently trading at $3,660 after a 65.58% year-to-date rise, ETH has faced strong resistance around $3,800 and has failed to maintain its price above this level despite multiple attempts in recent months. However, this scenario could change with the approval of spot exchange-traded funds (ETFs) for Ethereum announced on May 23, which is expected to attract a new wave of institutional and individual investors and potentially boost ETH’s price.
An Important Victory for Ethereum and ETH
OpenAI’s advanced AI model ChatGPT-4 was asked to assess the situation and the potential price impact on ETH with the listing of the first spot Ethereum ETFs in the US.
According to the AI model, the approval of these ETFs represents a significant victory for the Ethereum network and its main network asset ETH, with the potential to raise the price to $4,750. This optimistic prediction is based on a combination of factors such as the influx of new investors and increased market sentiment towards Ethereum.
ChatGPT‘s analysis considers the impact of spot Bitcoin ETFs on BTC’s price and includes other Ethereum-specific factors such as post-Merge market dynamics to reach the $4,750 price target.
What’s Next for ETH? ChatGPT Outlines 2 Scenarios
ChatGPT also outlined more bullish and bearish scenarios. In a highly optimistic scenario, if the ETFs lead to much higher inflows than expected and ETH’s price finds stability above $4,000, the price could rise to $5,000.
The advanced AI model highlighted a contrary scenario where excessive profit-taking after the listing and trading of the ETFs could cause ETH‘s price to drop to around $3,300. This scenario is based on the market reaction seen after the approval of spot Bitcoin ETFs in January, which led to a short but significant market downturn.
