As the deadline for the SEC to make a decision on the VanECK spot Ethereum ETF application approaches, Bernstein analysts evaluated the price implications of possible ETF approval.
Bernstein analysts Gautam Chhugani and Mahika Sapra predicted a 75% increase in ETH price to $6,600 following spot Ethereum ETF approval in a recent report, DL News reported.
Analysts, who based their predictions on the spot Bitcoin ETFs approved in January, said they expected a similar increase for ETH:
“In the weeks after the SEC approved a similar Bitcoin product in January, the price of Bitcoin experienced a 75% increase.
We expect similar price movement for ETH.
“If there is a similar 75% increase in ETH, this means the ETH price will rise to $6,600.”
Analysts recently noted that the increased likelihood of approval in spot ETH ETFs also contributed to increased optimism about Ethereum's rise after an unstable few months.
*This is not investment advice.