Expert forecasts: Ethereum is poised for 60% growth
Date: 2024-05-23 Author: Oliver Abernathy Categories: BUSINESS
Analysts from QCP Capital have raised the bar for the expected growth of Ethereum, predicting an increase in its rate by at least 60%. Their forecast is based on the likelihood of ETH spot ETFs being approved, which they believe will cause a similar market reaction as Bitcoin did.
Success Example: Bitcoin ETF Experience
After the approval of spot Bitcoin ETFs in the United States, the Bitcoin rate rose by $25,000, which was more than 50% of its original level. Analysts at QCP Capital believe Ethereum, like Bitcoin, will see similar growth following the approval of ETH spot ETFs.
Experts believe that the cryptocurrency market is in a tizzy and is poised to take off once the Ethereum ETF is approved. According to their forecasts, the possibility of approval is very high, and the first trading of exchange-traded products could begin as early as next week.
Time to act: Speculation of imminent approval
Eric Balchunas from Bloomberg suggests that the US Securities and Exchange Commission may announce the approval of an Ethereum ETF as early as today at 23:00 Moscow time. Indicators also point to an imminent decision, adding to the atmosphere of anticipation in the market.
Amid expectations of ETF approval, the Ethereum price has already risen above $3,900 and is preparing to test resistance at $4,000. This opens up new prospects for investors and promises interesting days in the cryptocurrency market.
