What could happen to Ethereum in 2024?
Despite initial objections from some SEC officials, mounting pressure both internally and externally suggests that the regulator could finally give the Ethereum ETF the go-ahead.
Today’s crypto analysis on behalf of Antonio Ernesto Di Giacomo – Market Analyst Latam at xs.com
The prediction that the U.S. Securities and Exchange Commission (SEC) could approve the Ethereum Spot ETF by 2024 has sparked a lot of interest in the cryptocurrency world. This event would be notable as it signifies the second time a cryptocurrency would be listed on the New York exchange, following the approval of the Bitcoin spot ETF earlier this year. Despite initial objections from some SEC officials, mounting pressure both internally and externally suggests that the regulator could finally give the Ethereum ETF the go-ahead.
Analysts believe the odds are high that several Ethereum ETFs will be approved this year. This forecast is based on the similar approval pattern as Bitcoin ETFs and the removal of Ethereum from the SEC’s list of unregistered securities. This expectation has generated a climate of optimism among cryptocurrency investors, who expect greater diversification and accessibility in the financial market.
It is expected that Ethereum’s price could reach all-time highs again, reaching the $4,800.00 per ETH area following the ETF’s approval. Analysts suggest that Ethereum may not follow the same volatility patterns as Bitcoin, which could contribute to greater stability in its value. In addition, the potential approval of the Ethereum ETF is expected to have a significant bullish impact on the market, especially since Ethereum’s Grayscale trust has a relatively small stake, meaning its liquidation would not exert significant selling pressure on ETH.
The eventual approval of the Ethereum ETF Spot could have a profound and lasting impact on the cryptocurrency market. In addition to representing greater legitimacy and accessibility for Ethereum, it is likely to generate renewed investor interest and wider adoption of the cryptocurrency across various financial sectors.
In conclusion, the potential approval of the Ethereum ETF generates positive expectations and could represent a milestone in the evolution of cryptocurrencies in traditional financial markets. This event is seen as an important step towards legitimacy and wider acceptance of cryptocurrencies in mainstream finance. The decision by the U.S. Securities and Exchange Commission (SEC) could have a lasting impact on the market and spur greater investor interest in Ethereum. The approval of this second ETF in 2024 has the potential to transform the global financial landscape and solidify the position of cryptocurrencies in the mainstream economy.
