BTC - Could Ethereum Really Hit a Price of $4000 by the Start of Summer?
2024-02-05 07:00:00 ET
Within the crypto industry, expectations are building that Ethereum (CRYPTO: ETH) could be the next cryptocurrency after Bitcoin (CRYPTO: BTC) to get a new spot exchange-traded fund (ETF). Wall Street investment firms have already filed applications with the Securities and Exchange Commission (SEC), and final approval could come as soon as May 23.
As might be expected, the possibility of a spot Ethereum ETF has market participants absolutely giddy. Standard Chartered Bank, for example, is now predicting that Ethereum could soar as much as 70% during the next several months. If so, that means that Ethereum could hit $4,000 by the start of the summer. But just how realistic is that assumption?
To answer that question, all you have to do is look at the recent price history of Bitcoin. From the time of the BlackRock spot Bitcoin ETF application back in June to the official approval of the spot Bitcoin ETF on Jan. 10, the price of Bitcoin soared by 85%. So I can understand why some investors are now predicting that Ethereum could soar as well. The logic is certainly enticing: If Bitcoin went up by 85%, why can't Ethereum go up by 70%?
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Could Ethereum Really Hit a Price of $4,000 by the Start of Summer?