Bernstein: Ethereum Will Hit $6,600 If ETFs Are Approved

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According to analysts at Bernstein, the SEC’s approval of spot ETFs based on Ethereum could potentially cause a significant increase in the asset’s price by 75%, rising to $6,600.

This prediction was made by Gautam Chhugani and Mahika Sapra from the Bernstein research team.

The analysts pointed out that when spot Bitcoin ETFs were approved in January, there was a sharp 75% surge in the price of digital gold.

They expect a similar impact on the price of Ethereum, which is the second largest cryptocurrency by market capitalization. Galaxy Digital CEO Mike Novogratz also weighed in, stating that if the approval is politically motivated, it signals a “seismic shift” and could potentially result in even higher prices.

Matt Hougan, the Chief Investment Officer of Bitwise, added that digital assets are becoming more mainstream and this could push them to new all-time highs.

He also noted that the recent rally was not solely driven by optimism about ETH-ETFs, but also due to the passing of the first pro-cryptocurrency legislation in Washington history by a bipartisan group of senators and representatives.