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What Do Experts Say About Ethereum’s Price Surge After ETF Approval?

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What Do Experts Say About Ethereum's Price Surge After ETF Approval?

Expert Perspectives: Ethereum’s ETF Approval and the $5,000 Speculation

Expert Perspectives: Ethereum's ETF Approval and the $5,000 Speculation
What Do Experts Say About Ethereum's Price Surge After ETF Approval? 1

Crypto News – After the US approved exchange-traded funds in May, Ethereum surged over 30% to $3,800. Traders are already aiming for a fresh peak of plus $5,000 as early as June. The market is curious about Ethereum’s future when the dust settles. The expert opinions are as follows:

Mike Novogratz – Galaxy

According to Mike Novogratz, CEO of Galaxy Digital, the SEC modified their Ethereum ETF strategy due to a “widespread” turn in Washington. In the event that the SEC’s decision was influenced by politics, Novogratz remarked, “that’s a seismic shift.”

If that’s what actually happened, prices are going to be much higher than here.

Novogratz

Brickell – FRNT Financial

David Brickell, head of international distribution at FRNT Financial, predicts that by the end of June, Bitcoin and Ethereum will hit all-time highs.

Wouldn’t be surprised to see $80,000 and $5,000 for Bitcoin and Ethereum, respectively.

Brickell

Jacob Joseph – CCData

Research analyst at CCData, a company that provides cryptocurrency statistics, Jacob Joseph predicted that Ethereum would set a new high. He also said that within the first 100 days of the product’s launch, investors will invest $3.9 billion in US spot Ethereum ETFs. Using the performance of the top 10 Bitcoin ETFs throughout the first 100 days, he calculated the total. Yet, he issued a warning that Ethereum may encounter difficulties as a result of withdrawals from the Grayscale Ethereum Trust, which would negatively impact investor confidence.

Lennix Lai – OKX

The worldwide chief commercial officer of cryptocurrency exchange OKX, Lennix Lai, predicted that the spot Ethereum ETF will lead to a fresh round of demand from institutional investors. He estimated that during their first week, they would probably invest $500 million in Ethereum ETFs.

TzTok-Chad – Stry

According to TzTok-Chad, the founder of Stryke, a decentralized options exchange, many traders are even aiming for values beyond $5,000 based on the positioning in the derivatives. However, he cautioned that there will be some volatility and that the route to the new record is not simple.

Joe Lubin – Consensys

Joe Lubin - Consensys
What Do Experts Say About Ethereum's Price Surge After ETF Approval? 2

According to Joe Lubin, co-founder of Ethereum and the creator of the cryptocurrency infrastructure company Consensys, they expect a “floodgate” of demand for Ether, which will probably cause a supply crunch and raise prices. Following their initial exposure to Bitcoin ETFs, institutions “will most likely want to diversify into that second approved ETF,” according to Lubin.

Gautam Chhugani & Mahika Sapra – Bernstein

ETFs offer a chance to take advantage of “pent-up demand from the same participants as the Bitcoin ETF, maybe with a lower allocation for ETH,” according to research published on June 3.

And given ETH’s supply situation (staking, smart contracts, HODL data), ETH should see positive price action upon the ETF launch (expected next few days/sometime this month),

Chhugani & Sapra

Adam McCarthy – Kaiko

Adam McCarthy, an analyst at Kaiko, stated that traders who had “crowded around” bullish options are now anticipating gains.

Hong Kong ETFs didn’t see much demand and have had mixed days with several net outflow days already. No staking is a big factor too, and likely impacts demand further.

McCarthy

FAQ

Are Ethereum ETFs Approved?

ETFs that have not yet been approved are expected to be approved in the coming days or weeks.

What Is The Ethereum Price Right Now?

At the time of writing, Ethereum was trading at $3781.

Will Ether ETFs Be Approved for Sure?

Although the precise date of its market launch is still unknown, spot ether exchange-traded funds have successfully cleared their largest trading obstacle. On May 23, 2024, the US Securities and Exchange Commission unexpectedly accepted 19b-4 proposals for the country’s first spot ether ETFs.

For more up-to-date crypto news, you can follow Crypto Data Space.

What Do Experts Say About Ethereum's Price Surge After ETF Approval?
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lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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