By
Benjamin Njiri
April 23rd, 2024
As Ethereum hit a new all-time high, analysts are expecting that the US regulators will soon approve an Ethereum futures ETF.
The world’s second-largest cryptocurrency Ethereum (ETH) is on a roll while hitting a new all-time high (ATH). On Tuesday, November 2, the ETH price skyrocketed to $4650 levels amid a strong bullish undercurrent in the market.
As of press time, ETH is trading 6.12% up at a price of $4605 with a market cap of $544 billion. With this, Ethereum overtakes the world’s largest bank JPMorgan in terms of market size. Over the last month, the ETH price has surged 40% hitting new record levels.
Goldman’s global markets managing director Bernhard Rzymelka notes that Ethereum could be good to track amid rising inflation expectations. Looking at the current charts, the banking giant believes that Ethereum is poised for the next big market rally.
Rzymelka said that the Ethereum price could surge to a new ATH of $8000 by the end of the year. It means a near 100% rally from the current price points. Many analysts have been giving higher price targets for ETH by the end of the year. Last week, the Ethereum blockchain successfully conducted the Altair upgrade moving towards further key developments.
As the Ethereum (ETH) price breaks past the $4500 price levels, analysts have started giving higher price targets. Popular crypto analyst Michael Van De Poppe expects the ETH price to surge past $6000 in an impulse wave pattern. the analysts expect it to happen sometime between November 2021 and January 2022.
https://twitter.com/cryptoMiich/status/1455102245574414338
Besides, popular options trader John Wick expects another breakout in the ETH price. “Ethereum continues to make new ATHs. Those that have been waiting all those months with us absolutely deserve this,” he added.
Ethereum continues to make new ATHs. Those that have been waiting all those months with us absolutely deserve this…
Technically we have another Squeeze shading. Watch out for another breakout soon! 🔥 💰 pic.twitter.com/Z2No3SUQuK
— Wick (@ZeroHedge_) November 2, 2021
Comparing Ether’s current price to that in 2017, on-chain analyst Matthew Hyland expects the ETH price to move to $14K.
https://twitter.com/Parabolic_Matt/status/1454996717418557444
Chances of Ethereum Futures ETF Improve
A recent report from Bloomberg Intelligence notes that the US regulators are more likely to approve an Ethereum-based futures ETF in the coming months. Analysts note that the Ethereum futures exchange-traded fund (ETF) can get approval by the first quarter of the next year.
In a note on Tuesday, James Seyffart, analyst at Bloomberg Intelligence wrote:
“Most market participants agree that a spot Bitcoin ETF would be superior to existing futures ETFs, yet SEC approval of the former may be delayed until late 2022 or beyond”.
Seyffart further added that the Ether Futures ETF could arrive even before the spot Bitcoin ETF that is expected to arrive in 2022. “Though a spot Bitcoin ETF is possible in 2022, SEC approval may take longer due to concerns about regulation in the underlying Bitcoin market,” he said.
The approval of an Ether Futures ETF could trigger a further rally in the ETH price. Several analysts are expecting ETH to touch $10K by the year-end.