Forecasts for Ethereum’s future performance are soaring as experts predict that the cryptocurrency will receive support from Wall Street and reach significant milestones by the end of 2024. Analysts from Steno Research have shared their predictions, stating that they expect a significant increase in the value of Ethereum if spot ETFs are approved for trading on July 4th.
The analysts project a net inflow of $15-20 billion into spot Ethereum ETFs within the first year, which they believe will drive the price of ETH to reach at least $6,500 by the end of this year. They also anticipate that Ethereum will outperform both the US dollar and Bitcoin.
Although the cryptocurrency market has expressed skepticism towards spot ETH ETFs, the analysts argue that Ethereum’s appeal to Wall Street will attract significant investment. They predict that net inflows could potentially reach $20 billion in the first year alone.
Senior analyst Mads Eberhardt, leading the research team at Steno Research, highlighted the potential impact of these inflows on Ethereum’s value, stating, “We expect the ETH price to reach at least $6,500 later this year, thanks to expected net inflows into spot ETFs as well as positive headwinds.”
It’s worth noting that analysts also emphasized that Ethereum ETFs may have a greater impact on ETH compared to Bitcoin ETFs, considering Ethereum’s lower market cap and weaker liquidity.
However, it’s important to remember that this information is not investment advice.