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Global asset management firm, Bernstein has expressed confidence, foreseeing a fairly strong chance of the United States Securities and Exchange Commission (SEC) approving an Ethereum Spot ETF.
SEC Ethereum Spot ETF Approval Imminent
In a February 19 research report, Bernstein analysts Gautam Chhugani and Mahika Sapra disclosed that Ethereum, the world’s second-largest cryptocurrency, may be the only digital asset after Bitcoin, to win an ETF approval from the US SEC.
Following the approval of Spot Bitcoin ETF, many crypto enthusiasts anticipated Ethereum as the next in line for an ETF. However, given the SEC’s current stance on cryptocurrencies and its previous reluctant acceptance of Spot Bitcoin ETFs, the prospects of an Ethereum ETF have become uncertain.
In the research report, Bernstein analysts predicted the approval timeline for an Ethereum Spot ETF. They emphasized that the presence of notable traditional financial firms, including Grayscale and Franklin Templeton, competing for a Spot Ethereum ETF, strengthens the outlook for its approval.
“We think there is a roughly 50% chance of spot Ethereum ETF approval by May, with an almost certain chance of approval within the next 12 months,” the Bernstein report read.
Ethereum’s Roadmap To $10,000
With the potential approval of Ethereum Spot ETFs, Ethereum may witness a significant price increase to levels as high as $10,000. Prior to the SEC’s approval of Spot Bitcoin ETFs on January 10, the anticipation surrounding the ETF had sparked a massive price rally for the cryptocurrency. Following the approval and ETF launch, Bitcoin surged to over $45,000 before witnessing a subsequent price correction that pushed it back below $40,000.
Despite the short correction, Bitcoin has been gaining back its momentum, and at the time of writing, the cryptocurrency is trading at $51,998, according to CoinMarketCap. This substantial price increase is largely attributed to the success of its ETF, providing investors with greater accessibility to Bitcoin, and contributing to the cryptocurrency’s increased adoption.
A similar narrative could unfold for Ethereum following the approval of its ETF. With rising interest from institutional investors and the ETF driving global adoption, the cryptocurrency could potentially attain new all-time highs above $10,000.
In the research report, Bernstein analysts also confirmed Ethereum’s strong positioning for mainstream institutional adoption. The analysts emphasized the need for the cryptocurrency market to shift its attention to Ethereum, as the cryptocurrency is poised to witness gains following the approval and launch of its ETF.
ETH price reclaims $2,900 | Source: ETHUSD on Tradingview.com
Featured image from Crypto Briefing, chart from Tradingview.com
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