News Update: Spot Ether ETFs Could Drive ETH Price to $10,000 by End of 2024, Says Nexo’s Stoychev
Title: How Ether ETFs Could Drive ETH to $10,000 by 2024
Introduction:
The anticipation of spot Ether exchange-traded funds (ETFs) being legalized in the United States has sparked excitement in the cryptocurrency world. With the potential for Ether’s price to reach $10,000 by the end of 2024, investors are eagerly awaiting the SEC’s decision on ETF certification. In this blog post, we will delve into the significance of Ether ETFs and how they could serve as a key price catalyst for the leading altcoin.
Spot Ether ETFs: A Game-Changer for ETH Price
Andrey Stoychev, Nexo’s head of prime brokerage, believes that the introduction of Ether ETFs in the US and similar products in Asia could be a game-changer for Ether’s price trajectory. Stoychev predicts that Ether could reach $10,000 by the end of 2024, aligning with Bitcoin’s performance post-ETF introduction.
Recent Price Spike and Regulatory Developments
The recent surge in Ether’s price, with a 21% increase in the last 24 hours to reach $3,771, coincides with news of the SEC’s reversal on spot Ether ETFs. The SEC’s decision to request ETF exchanges to revise their filings has raised hopes for a positive outcome for Ether ETF approval.
SEC Deadline and Analyst Predictions
The next SEC deadline for VanEck’s Ether ETF proposal is May 23, with analysts predicting a 75% approval probability for the 19b-4 type. While there is optimism surrounding the approval of the ETF proposal, S-1 filings could potentially delay live trading until 2025.
Future Outlook and Market Impact
Despite potential delays in S-1 approvals, industry experts remain optimistic about the transformative effect of Ether ETFs on the market. Yunus Ozkaya, CEO of FreeBnk app, expects that the approval of Ether ETFs could have a significant positive impact on the market, even if it takes until 2025 for live trading to commence.
Conclusion:
The prospect of spot Ether ETFs driving Ether’s price to $10,000 by 2024 has captured the attention of investors and analysts alike. As the SEC navigates the regulatory landscape, the introduction of ETFs for Ether could mark a significant turning point for the cryptocurrency market. Stay tuned for updates on the SEC’s decision and the potential impact on Ether’s price trajectory.
