The price of Ethereum (ETH) could reach $5,000 if the Ethereum-ETF is approved. This was stated by analysts at QCP Capital.
QCP Asia/London Color – 21 May 24
1/ Overnight news took a complacent market by surprise (at least those that didn't read the #QCP broadcast yesterday)
If approved, this move is far from over with #ETH at 4k as a natural short term target and at 5k for later in the year
— QCP Capital (@qcpcapital) May 21, 2024
Experts added that the short-term target for the asset is $4,000. However, QCP Capital also suggested a possible negative scenario. According to them, if applications for Ethereum-ETF are not approved, the price of the cryptocurrency will return to $3,000.
At the time of writing, the asset is trading above $3,700. Over the course of a day, its price increased by more than 18%. The price rose amid positive expectations surrounding the US Securities and Exchange Commission's decision regarding asset-based spot ETFs.
Source: Cryptocurrency
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