This Level Is Now on the Table for Ethereum!

Ethereum has seen a phenomenal rise recently due to the increasing likelihood of ETH ETFs being approved. Moreover, signs of a supply crunch have been noted as the huge Ethereum reserve is locked for staking. According to analysts, it is possible that a supply shock could push the ETH price above $4,000. What’s more, Bernstein analysts say a 75 percent increase is on the table following the ETF’s approval.

Bernstein expects ETH to rise 75% after ETF approval

cryptokoin.comAs you follow from , Ethereum ETF approval determines the market agenda. There is a lot of excitement and speculation surrounding the potential approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). Two top analysts at Bloomberg Intelligence caused a stir on Monday by raising the probability of approval of the ETH ETF from 25% to 75%. Following this, the news from the SEC also supported this possibility. Thus, Ethereum made a strong run.

Bernstein analysts predict that Ether will rise to $6,600 if this approval occurs. The predictions come from analysts at research firm Bernstein, Gautam Chhugani and Mahika Sapra. Analysts noted a 75% increase in value in the weeks following the SEC’s approval of similar Bitcoin ETFs in January. “We expect a similar price movement for ETH,” Chhugani and Sapra said in the research report.

BlackRock and Bitwise update spot Ethereum ETF application

Leading asset managers BlackRock and Bitwise have taken a significant step towards gaining approval for spot Ethereum ETFs. Both companies have filed updated filings with the SEC. Thus, they revised their application in response to the agency’s request for additional information during upcoming approvals.

BlackRock and Bitwise have filed an updated form 19b-4 for the spot ETH ETF application. The move comes as the firm aims to benefit from the SEC’s changing attitude towards cryptocurrency-based ETFs. Bitwise Asset Management joins BlackRock in the race for a spot in the ETH ETF. The firm also filed an updated filing in compliance with the SEC’s requirements as the agency prepares for potential approvals.

Hot Development: SEC Requested Fine-Tuning for Ethereum ETF!

Total Ethereum in stake exceeds $121 billion ETH

According to on-chain data tracking tool Nansen, 32.5 million ETH is currently staked. Moreover, this reserve accounts for approximately 27% of Ethereum’s total supply. Based on current market prices, this staked ETH is worth a staggering $121 billion. To provide context, Nansen compared this figure to Solana’s FDV of $103 billion. The significant amount of Ethereum deposited has sparked discussions about a potential supply shortage that could have far-reaching implications for the market.

Nansen further elaborated the situation in an article in X, underlining the dual consequences dependent on market demand. “If an ETH ETF is approved and there is demand in anticipation of approval or after approval, this would be a positive,” the analytics firm said. The analytics platform suggested that the approval of a Spot Ethereum ETF would significantly increase demand for the crypto. In this regard, he noted that this would further restrict supply and potentially raise prices.

To be informed about the latest developments, follow us twitterin, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!


source site-1