As the approval for the new legislation is imminent, Ethereum Bernstein, a $725-billion asset manager, has forecast that ETH could reach $6,600 once the Spot ETF is approved. The asset’s ascent would be a record-breaking achievement, surpassing its previous high of $4,890 in 2021.
Guatam Chhugania & Mahika Sapra from the research department of this firm predicted that Ethereum would surge by 75% following approval. They noted, too, that it is anticipated that the asset will follow a similar trajectory to Bitcoin. Three months after its Spot ETF application was approved by the SEC in January 2013, this asset had reached an all time high of $73,000.
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75 Billion Dollar Asset Manager Predicts Ethereum Surge of 75%
Over the past few days there have been significant changes in digital asset markets. In the early days of MAy the prospects of a Spot Ethereum exchange-traded fund (ETF) seemed slim. US Securities and Exchane Commission had appeared to be trying to alter security status. The sector also adopted a negative outlook on the arrival of invemsent vehicles.
The situation changed drastically Monday. Bloomberg analysts They were the ones who first changed their mind when they raised approval odds to 75%. The SEC then began to indicate that the approval would be coming.
Bernstein, a $75 billion asset management firm, has forecast that Ethereum will hit a $6,600 price after its approval of the Spot ETF. The firm recently stated that the asset would experience a “similar price action” Bitcoin is a good example.
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Spot Bitcoin ETF’s approval in January facilitated an increase of a considerable amount in the value. The decision will also continue the recent revitalization that Ethereum has experienced over the past few days.
In the past seven days, cryptocurrency’s second largest coin has risen by more than 24 percent. CoinMarketCap. Although the price of the car has dropped to around $3.690 there is still hope that the value will increase when it receives approval. The approval is expected by many experts to come before the Thursday deadline.
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Source: watcher.guru