Bernstein Analysts Predict Ethereum Surge to $6600 with ETF Approval

Approval by the SEC of spot exchange-traded funds based on Ethereum could lead to a 75% increase in the asset’s price, reaching $6600. This view was expressed by Bernstein analysts Gautam Chhugani and Mahika Sapra, as reported by DL News.

According to their assessment, the approval of spot Bitcoin ETFs in January resulted in a 75% rise in digital gold. The experts anticipate a similar impact on the price of the second-largest cryptocurrency by market capitalization.

Galaxy Digital CEO Mike Novogratz stated that if such a “broad reversal” was politically motivated, a “seismic shift” has occurred. In his view, prices will be much higher than they are now.

CIO of Bitwise Matt Hougan noted that digital assets are becoming mainstream, which will push them to new ATH. However, the catalyst for the current growth was not sudden optimism regarding ETH-ETF, he added.

“Something remarkable happened in Washington. A bipartisan group of senators and representatives passed the first pro-cryptocurrency legislative act in Washington’s history,” he stated.

On May 20, media reported that the SEC asked potential issuers to update form 19b-4 in their applications for launching the instrument. May 23 marks the deadline for requests from VanEck and Grayscale.

Following the news of the SEC’s request, several industry experts predicted increased volatility for Ethereum amid the narrative surrounding exchange-traded funds.

Matrixport co-founder Daniel Yan noted that if spot ETH-ETFs are approved, the cryptocurrency Solana could be the next contender for launching such an instrument.