Ethereum Price: QCP Predicts ETH To Hit $6K Amid Ether ETF Optimism

Amid the fervor surrounding the potential approval of the Spot Ethereum ETF by the U.S. SEC, optimism in the crypto market has reached new heights. Meanwhile, a recent post from QCP Capital has further bolstered this sentiment, predicting the Ethereum price surge beyond $6,000 in the wake of ETF optimism. So, let’s explore the recent report from QCP Capital and see how Ethereum may perform in the coming days.

QCP Predicts Ethereum Price To Soar Past $6K

In a recent Telegram post, QCP highlighted the significance of the impending Ethereum ETF decision, emphasizing the market’s anticipation of significant price movements. With implied volatility soaring above 100%, QCP suggests that approval of the Ethereum ETFs is highly likely.

In addition, the report emphasized the recent amendments made by key Ethereum ETF issuers to their filings with the SEC. This has further fueled the confidence of the investors who are eagerly awaiting the SEC’s decision on the investment instrument.

Meanwhile, QCP draws parallels with the approval of Spot Bitcoin ETFs, noting the substantial rally Bitcoin experienced following SEC approval. The firm speculates that Ethereum could see a similar surge, potentially rallying by 60% to over $6,000 if the ETF approval happens. 

Notably, this optimism underscores the potential impact of regulatory decisions on cryptocurrency prices and market sentiment.

Also Read: Toncoin Price Soars 3% Amid Telegram’s New Currency Announcement, Here’s All

Impending SEC Deadlines, What To Expect?

As the SEC faces final deadlines to approve or deny the applications for Spot Ethereum ETFs, market players are on edge awaiting the outcome. Notably, the deadline to approve or reject the applications of VanEck and Ark Invest is set for today.

Meanwhile, the looming decision on Ethereum ETFs is poised to have significant repercussions on market dynamics. Analysts and traders are closely monitoring various scenarios, as outlined by Matrixport Co-founder Daniel Yan. The potential outcomes range from a bullish scenario of both 19-b4 and S-1 approvals to a bearish sentiment if the ETFs are not approved.

In addition, a recent report citing sources suggests that the U.S. Securities and Exchange Commission (SEC) has initiated talks on S-1 registration statements for potential Ethereum ETFs. Discussions signal a pivotal moment in regulatory progress, despite the Division of Investment Management’s apparent lack of readiness.

With hovering uncertainties, the crypto market awaits further developments eagerly, anticipating a significant milestone in Ethereum’s journey toward mainstream adoption through regulated investment avenues.

As of writing, the Ethereum price jumped more than 5% and crossed the $3,900 mark, the level last seen in mid-March this year. Over the last seven days, the Ethereum price jumped 30%, with CoinGlass data showing that the Ethereum Futures Open Interest jumped 9.14% to $16.84 billion from yesterday.

Also Read: What is the FIT21 Crypto Bill? Key Insight & More