In the world of cryptocurrency, Ethereum has long been considered the main competitor to Bitcoin. While Bitcoin has dominated the market in terms of popularity and price, Ethereum has quietly been making its own strides. Now, a crypto analyst believes that Ethereum may soon have its moment in the spotlight, and it all hinges on a single event – the approval of an Ethereum Spot ETF. Michaël van de Poppe, the CEO and founder of MN Trading, has predicted that if such an ETF is approved, Ethereum could reach a staggering price of $3,500.
Van de Poppe’s prediction stems from his belief that Ethereum’s price surge will come after Bitcoin “gets its shine.” This likely refers to the approval of a Spot Bitcoin ETF, an event that many analysts are anticipating to happen in the near future. Van de Poppe suggests that following the approval of the Bitcoin ETF, Ethereum will have its turn to shine and potentially reach the $3,500 price level. This theory is based on the assumption that the approval of an Ethereum Spot ETF would follow shortly after the Bitcoin ETF approval, leading to a massive rally in Ethereum’s price.
Currently, several asset managers have applied to offer an Ethereum Spot ETF with the Securities and Exchange Commission (SEC). However, all eyes are currently focused on the SEC’s decision regarding the pending Spot Bitcoin ETF applications. This is because a final decision on the Bitcoin ETF is expected to be made soon, while the Ethereum ETFs are still undergoing a longer review process. If the Bitcoin ETF is approved, it could pave the way for the approval of an Ethereum ETF, potentially triggering the predicted price rally.
Looking at historical data, it becomes evident that Ethereum Spot ETFs might not receive the same level of reception as Spot Bitcoin ETFs. This is due to the contrasting numbers between the launch of Bitcoin and Ethereum futures ETFs. In 2021, Bitcoin futures ETFs were already in place, and the ProShares Bitcoin Strategy (BITO) ETF was the first to launch. On its launch date, BITO saw over $1 billion in trading volume within the first two days. On the other hand, Ethereum futures ETFs have only recently launched this year, and their trading volume on launch days paled in comparison.
While the future of Ethereum remains uncertain, the introduction of a Spot Ethereum ETF could bring about significant changes. Ethereum has proven its value and utility within the blockchain ecosystem, with numerous decentralized applications and smart contracts operating on its platform. If an ETF allows for easier investment and exposure to Ethereum, it could attract a new wave of investors and potentially push the price to new heights. However, the approval of the ETF remains in the hands of regulatory bodies, and their decision will undeniably have a profound impact on Ethereum’s future.
The potential approval of an Ethereum Spot ETF is generating excitement within the crypto community. Michaël van de Poppe’s price prediction of $3,500 for Ethereum hinges on this event, which he believes will follow the approval of a Spot Bitcoin ETF. While the approval of such ETFs remains uncertain, their impact on the market could be significant. As investors and enthusiasts eagerly await regulatory decisions, the Ethereum spark continues to flicker, waiting for the moment to ignite a new era for the cryptocurrency.