Bernstein: This Level Is On The Table For Ethereum Now!

Bernstein: This Level Is On The Table For Ethereum Now!
Bernstein: This Level Is On The Table For Ethereum Now!

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Ethereum has recorded a phenomenal surge recently due to the increased likelihood of ETH ETFs being approved. Moreover, signs of a supply crunch have been noted as the massive Ethereum reserve is locked for staking. According to analysts, it is possible that a supply shock could push the ETH price above $4,000. Moreover, Bernstein analysts say a 75 percent increase is on the table after the approval of the ETF.

Bernstein expects ETH to increase by 75% after ETF approval

As you have been following on, the Ethereum ETF approval is setting the agenda for the market. There is a lot of excitement and speculation surrounding the potential approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC). Two leading analysts at Bloomberg Intelligence caused a stir on Monday by raising the probability of ETH ETF approval from 25% to 75%. Subsequent news from the SEC also supported this probability. Thus, Ethereum made a strong run.

Bernstein analysts predict that Ether will rise as high as $6,600 if this approval takes place. The predictions come from analysts at research firm Bernstein, Gautam Chhugani and Mahika Sapra. The 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 action for ETH,” Chhugani and Sapra said in a research report.

Dev Şirket Ethereum İçin Geri Adım Attı! Sebebi Ne?

BlackRock and Bitwise update spot Ethereum ETF application

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

BlackRock and Bitwise submitted an updated form 19b-4 for the spot ETH ETF application. The move comes as the firms aim to capitalize on the SEC’s changing attitude towards cryptocurrency-based ETFs. Bitwise Asset Management joins BlackRock in the race to take part in the ETH ETF. The firm has also filed an updated application in line with the SEC’s requirements as the agency prepares for potential approvals.

Sıcak Gelişme: SEC, Ethereum ETF için İnce Ayar İstedi!

Total Ethereum in staked surpasses $121 billion ETH

According to on-chain data tracking tool Nansen, 32.5 million ETH is currently staked. Moreover, this reserve accounts for about 27% of Ethereum’s total supply. At 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 staked has sparked discussions about a potential supply shortage that could have far-reaching implications for the market.

Nansen further elaborated on the situation in a post on X, highlighting the dual consequences tied to market demand. “If an ETH ETF is approved and there is demand in anticipation of or after approval, that would be positive,” the analytics firm said. The analytics platform suggested that the approval of a Spot Ethereum ETF would significantly boost demand for the crypto. In this context, it noted that this would further restrict supply and potentially push prices higher.

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Bernstein: This Level Is On The Table For Ethereum Now!