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International asset administration agency, Bernstein has expressed confidence, foreseeing a reasonably robust likelihood of the US Securities and Alternate Fee (SEC) approving an Ethereum Spot ETF.
SEC Ethereum Spot ETF Approval Imminent
In a February 19 analysis report, Bernstein analysts Gautam Chhugani and Mahika Sapra disclosed that Ethereum, the world’s second-largest cryptocurrency, will be the solely digital asset after Bitcoin, to win an ETF approval from the US SEC.
Following the approval of Spot Bitcoin ETF, many crypto fanatics anticipated Ethereum as the following in line for an ETF. Nevertheless, given the SEC’s present stance on cryptocurrencies and its earlier reluctant acceptance of Spot Bitcoin ETFs, the prospects of an Ethereum ETF have turn into unsure.
Within the analysis report, Bernstein analysts predicted the approval timeline for an Ethereum Spot ETF. They emphasised that the presence of notable conventional monetary corporations, together with Grayscale and Franklin Templeton, competing for a Spot Ethereum ETF, strengthens the outlook for its approval.
“We expect there’s a roughly 50% likelihood of spot Ethereum ETF approval by Could, with an virtually sure likelihood of approval inside the subsequent 12 months,” the Bernstein report learn.
Ethereum’s Roadmap To $10,000
With the potential approval of Ethereum Spot ETFs, Ethereum might witness a big worth enhance to ranges as excessive as $10,000. Previous to the SEC’s approval of Spot Bitcoin ETFs on January 10, the anticipation surrounding the ETF had sparked an enormous worth rally for the cryptocurrency. Following the approval and ETF launch, Bitcoin surged to over $45,000 earlier than witnessing a subsequent worth correction that pushed it again under $40,000.
Regardless of the quick correction, Bitcoin has been gaining again its momentum, and on the time of writing, the cryptocurrency is buying and selling at $51,998, based on CoinMarketCap. This substantial worth enhance is essentially attributed to the success of its ETF, offering buyers with higher accessibility to Bitcoin, and contributing to the cryptocurrency’s elevated adoption.
An identical narrative might unfold for Ethereum following the approval of its ETF. With rising curiosity from institutional buyers and the ETF driving world adoption, the cryptocurrency might probably attain new all-time highs above $10,000.
Within the analysis report, Bernstein analysts additionally confirmed Ethereum’s robust positioning for mainstream institutional adoption. The analysts emphasised the necessity for the cryptocurrency market to shift its consideration to Ethereum, because the cryptocurrency is poised to witness features following the approval and launch of its ETF.
ETH worth reclaims $2,900 | Supply: ETHUSD on Tradingview.com
Featured picture from Crypto Briefing, chart from Tradingview.com
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