Ethereum Price Prepares to Skyrocket: New ETF and $7,000 Price Prediction Pop!

Bittime - The much-anticipated launch of the Ethereum Exchange-Traded Fund (ETF) in the United States (US) is fast approaching. Experts predict a significant price increase for the second largest digital asset.

Ethereum ETF Coming Soon?

According to a recent Reuters report, the United States Securities and Exchange Commission (SEC) could approve an Ethereum ETF as early as July 4. Discussions between asset managers and regulators are reportedly entering the final stages.

Industry officials and other participants who did not wish to be named revealed that the bid document revision process had reached the stage of resolving "minor" issues. As such, approval is predicted to be "probably no more than a week or two away."

Morningstar Direct data shows that the launch of a Bitcoin-based ETF in the US in January was a huge success, attracting around IDR 131.2 trillion (US$8 billion) in assets. As of the end of June, the nine new products had assets of almost IDR 621.6 trillion (US$38 billion).

However, experts predict that the launch of this new Ethereum ETF may not be as phenomenal as a Bitcoin ETF. James Butterfill, head of research at Coinshares, noted that "Ethereum doesn't have as large a market cap as Bitcoin, and its volume isn't the same."

Given the differences in market size and nature of the two cryptocurrencies, Bryan Armour, ETF analyst at Morningstar, believes asset inflows into Ethereum ETFs will probably not be as massive as Bitcoin ETFs.

“With Bitcoin, there was a decade of pent-up demand, and investor interest exploded,” Armor said. "The launch of an Ethereum ETF won't generate the same excitement."

Price Ethereum Predicted to Reach $7,000

However, not all experts take a cautious view. Quinn Thompson, founder and chief investment officer of Lekker Capital, recently stated that the market is in the midst of “one of the most exciting and obvious crypto buying opportunities in some time.”

Thompson further argued that previously being optimistic about Ethereum was "pretty cool," but now, "Twitter is like a contest to see who can have the most negative opinion about ETH ETFs." He added:

"Personally, I think ETH will reach IDR 114.4 million (US$7,000) and BTC will make its first attempt to break IDR 1.6 billion (US$100,000) ahead of the general election in November."

The founder of Glassnode also shared a bullish price analysis for Ethereum. They stated that if investors look at Ethereum's history, a similar pattern is developing as in the early stages of the 2021 bull market.

They believe the current structure provides a target of around IDR 122.5 million (US$7,500) as the final high point for Ethereum, reflecting the Fibonacci extension seen in 2021 and hinting at a strong rally for Ethereum "soon!"

While there remains caution over the possibility of further price declines, experts are of the opinion that such a scenario requires a new external event to occur. Overall, market sentiment is tilted towards Ethereum topping $7,000 and Bitcoin's first attempt to touch $100,000.

At the time this article was written, ETH was trading at IDR 56.3 million (US$3,435), up more than 1.9% in the last 24 hours as the overall crypto market recovers from the correction that occurred at the weekend and early this week.

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Ethereum (ETH) available on Bittime with market pair ETH/IDR. To be able to buy ETH IDR Of Bittime Make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Study A complete guide on how to buy Ethereum (ETH) on Bittime.

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