Ethereum (ETH) is in the spotlight right now amid the growing buzz around spot ETF approval. Diving into the growing sentiment around Ethereum, Bernstein analyst Gautam Chhugani has foretold that the coin’s price is on track to retest and surpass its all-time high (ATH).
Ethereum (ETH) is in the spotlight right now amid the growing buzz around spot ETF approval. Diving into the growing sentiment around Ethereum, Bernstein analyst Gautam Chhugani has foretold that the coin’s price is on track to retest and surpass its all-time high (ATH).
Bullish cash for Ethereum
At the time of writing, Ethereum price is changing hands at $3,778.37, up 2.75% in 24 hours. The coin jumped as high as $3,943.55 in the last 24 hours as it looks to retest its main psychological level of around $4,000.
Mushumir to the fullestAccording to the analyst, Ethereum is poised for a 75% rally from its current level if the US Securities and Exchange Commission (SEC) finally approves the ETH ETF spot product. According to his best projection, he expects the price of the currency to rise to $6,600 in the short term.
Chhugani is optimistic that Ethereum’s price can mirror that of Bitcoin, which soared to a new ATH following the approval of its associated spot ETF product in January. If the regulator approves the Ethereum spot ETF, there will be a massive influx of capital into the market, which will help reduce the supply of the coin on exchanges.
Current data already suggests that Ethereum exchange volume is at a three-year low of 13.7 million ETH. If the shortage in Ethereum supply meets the demand that could accompany the Ether spot ETF product, the upside is huge for the coin’s price.
Godfrey BenjaminHistoric moment for Ethereum
Despite being recognized as the second-largest digital currency by market cap, the search for an Ethereum spot ETF has largely been a wild goose chase until this week. With VanEck’s application up for a decision today, Ethereum could join Bitcoin in history if the product is ultimately approved.
