According to QCP Capital’s analysts, the market is currently experiencing a “deafening lack of enthusiasm.” However, with the recent approval of a spot Ethereum ETF, they predict that ETH could skyrocket back to its recent peak with ease.
The current market sentiment towards spot Ethereum exchange-traded funds (ETFs) may be cautious, but don’t let that fool you. Analysts are predicting that an unexpected approval could cause a massive short squeeze, catapulting ETH to new heights.
According to the latest research report by QCP Capital, the ETH/BTC pair has plunged to levels not witnessed since February 2021, signaling a potential rejection and lackluster outcomes. But don’t lose hope just yet, as QCP Capital points out that Ethereum has valiantly held its ground at the $2,900 mark, steadfastly defending it against all odds throughout the year.
Prepare for a shock to the system as QCP Capital predicts that the sudden approval of spot Ethereum ETH in the volatile market could ignite a “short squeeze” and propel us towards recent highs.
Despite reaching a peak of $4,066 in January, Ethereum still falls short of its record-breaking $4,891 achieved in November 2021. But with the possibility of an ETF approval on the horizon, the stage is set for a thrilling resurgence of bullish activity, potentially catapulting ETH back to its previous glory.
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The highly anticipated approval of a spot ETH ETF by the U.S. Securities and Exchange Commission (SEC) remains shrouded in mystery. Despite the mounting speculation, the SEC has yet to give any definitive signs of a green light.
Bloomberg analyst Eric Balchunas has sparked even more intrigue with his recent X post, hinting at the possibility of Ethereum being classified as a security in the SEC’s decision-making process.
Despite the doubts surrounding it, David Han, a seasoned analyst at the renowned crypto exchange Coinbase, boldly suggests that the market is greatly underestimating the likelihood and timing of a potential approval.
With the second-largest digital currency by market capitalization, Ethereum, at play, Han believes there is still a chance for a remarkable surge in the upcoming months. All eyes are on the SEC, as they are set to announce their verdict on VanEck’s bid for a spot Ethereum ETF on May 23rd.