$7,000 Price Forecast for Ethereum (ETH): Industry Experts Weigh In
With the imminent launch of Ethereum spot ETFs, industry insiders are discussing the potential impact on the price of Ethereum (ETH). Experts believe that this ETF launch could occur before July 4th, following VankEck’s form 8-A filing. Bloomberg Intelligence analyst Eric Balchunas considers this filing a positive sign for a July 2 launch.
Quinn Thompson from Lekker Capital suggests that the current bearish sentiment in the crypto market could actually be a bullish indicator. In his analysis, Thompson predicts a period of consolidation as sellers tire out, followed by a moment of realization when they realize their pessimism is unfounded. He believes that Ethereum will reach $7,000, and Bitcoin will make its first attempt at $100,000 by the November elections.
Matt Hougan, Bitwise’s representative, expects Ethereum ETF products to attract $15 billion in net flows during their first 18 months on the market. Hougan relies on data from established crypto ETF markets in Europe and Canada to support his prediction.
While $15 billion is significantly less than the $56 billion invested in US Bitcoin ETFs, Hougan considers it a historic achievement. However, he warns that initial net outflows from Ethereum ETFs are highly likely as investors exit Grayscale’s Ethereum Trust.
QCP, a Singapore-based firm, is looking at the Bitcoin ETF launch for insights into the potential rally. They suggest that if the Bitcoin ETF is approved, a similar 60% rally can be expected in Ethereum, which would place the price at around $5,430 in the months following the ETF launch.
Joe Lubin, Ethereum co-founder and founder of Consensys, a crypto infrastructure firm, anticipates a flood of demand for ETH. Lubin believes this surge in demand will lead to a supply squeeze and subsequently drive prices higher. He also predicts that institutions already exposed to Bitcoin ETFs will want to diversify into the newly approved Ethereum ETF.
Bernstein analysts predict that spot Ethereum ETFs will push the price of ETH up by 75%, reaching $6,600. They base this estimate on the SEC’s approval of spot Bitcoin ETFs in January, which initiated a 75% rally in the following weeks.
It’s important to note that this information is not investment advice. However, these discussions and predictions provide insight into the potential impact of the upcoming Ethereum spot ETF launch on the price of ETH.