Ethereum ETF approved this week? Predicts price to rise 2x
There is a high probability that the U.S. Securities and Exchange Commission (SEC) will approve a spot Ethereum ETF this week. The company expects the approval process to be similar to the past, citing the example of the swift approval of the 19-b application in May.
Participants are already preparing to submit S-1 documents to the SEC, predicting that the launch of these ETFs could double the price of ETH.
Predicts that after the approval of the SEC, the price of Ethereum will rebound significantly, possibly reaching $3,400. This prediction is based on historical price movements, which show that Ethereum has risen 20% after the approval of the 19-b application. The company expects that investor confidence will be restored and market activity will increase after the launch of the ETF.
In the bear market, asset management company Bernstein set a long-term price target of $6,600 for Ethereum. Their bullish outlook depends on what happens after the ETF is approved, which is similar to the historical situation of Bitcoin soaring after similar regulatory approval.
As institutional interest and market sentiment align with ETF development, Bernstein expects Ethereum’s value to rise significantly
Currently, the important levels to watch are support at $2,900 and resistance at $3,100. A breakout above $3,100 could signal a strong recovery, while a failure to hold $2,900 could lead to further declines.
The cryptocurrency market is eagerly awaiting the approval of an ETH ETF, which could provide a significant boost to overcome the current bearish trend. However, any delays could have a negative impact on the market, potentially dampening buyer interest. What do you think will happen next?
