Amid the impending approval of the Ethereum investment vehicle, $725 billion asset manager Bernstein has predicted that ETH will reach $6,600 after the Spot ETF approval. Indeed, the ascension would represent a new all-time high mark for the asset, succeeding the $4,890 level it reached in 2021.

The firm’s research analysts, Guatam Chhugania and Mahika Sapra, projected a 75% surge for Ethereum following the approval. Moreover, they noted that the asset is expected to follow a similar path to that of Bitcoin. Following its Spot ETF approval in January, the asset reached an all-time high of $73,000 just three months later.

JUST IN: $725 billion asset manager, Bernstein, says $ETH will reach $6,600 after spot Ethereum ETFs approval.

— Watcher.Guru (@WatcherGuru) May 22, 2024

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$75B Asset Manager Forecasts 75% Surge for Ethereum

The last several days have seen a notable shift take place in the digital asset market. At the start of MAy, the prospect of a Spot Ethereum ETF appeared slim. The US Securities and Exchane Commission (SEC) had seemingly sought to alter the security status of the asset. Thereofre, the sector had taken on a pessimistic approach to the potential arrival of the invemsent vehicle.

However, that changed drastically on Monday. Bloomberg analysts were the first to change their view when they increased approval odds from 25% to 75%. Thereafter, the SEC began to signal that approval was coming.

In anticipation of that Ethereum decision, $75 billion asset manager Bernstein has predicted ETh will reach a price of $6,600 following its Spot ETF approval. Indeed, the firm has recently said the asset will experience a “similar price action” to that of Bitcoin.

Also Read: Bitcoin & Ethereum ETPs Garner Approval on London Stock Exchange

The Spot Bitcoin ETF approval took place in January and facilitated a sizeable increase in its value. Conversely, the decision should continue what has been a revitalization of Ethereum over the last several days.

The second-largest cryptocurrency has surged more than 24% over the last 7 days, according to CoinMarketCap. Though the price has settled down around the $3,690 mark, there are high hopes for its ascension when the approval does arrive. Many experts have forecasted such approval to be made by the end of the week, with a Thursday deadline approaching.


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