Analyst Miles Deutscher predicts Ethereum could surge to $6,446 by July 23 if a spot ETH ETF product secures approval, citing Bitcoin’s post-ETF performance.
Miles Deutscher, a market analyst, has recently predicted a surge in Ethereum’s price if spot ETH ETF products are approved. Drawing parallels with Bitcoin’s historical performance post-ETF approval, Deutscher suggested that Ethereum (ETH) could rally to $6,446 by July 23.
$BTC rallied 75% in 63 days after the spot ETF was approved.
If $ETH follows the same trend (if approved), this would take it to $6,446 by July 23. pic.twitter.com/FfWg9VGUMx
— Miles Deutscher (@milesdeutscher) May 21, 2024
Historical Context and Bitcoin’s Performance
Deutscher’s analysis is rooted in historical data, specifically the performance of Bitcoin (BTC) following the approval of its spot ETFs. Bitcoin experienced a notable 75% rally over 63 days after the ETF approval. This historical trend provides a basis for projecting similar movements in Ethereum’s price, assuming the approval of a spot ETH ETF materializes.
According to Deutscher, if Ethereum follows a similar trajectory as Bitcoin did, it could see a 75.17% increase in its value. Following this post, other observers suggest there might be more upside in Ethereum’s price due to indicators such as market capitalization.
It is important to note that Ethereum is up 23.5% on the daily charts, to $3,787.17, during this press. On the other hand, Bitcoin is changing hands at $70,894.16, up over 5% in the past 24 hours.
Rising Odds of Spot ETH ETF Approval
Meanwhile, recent developments indicate a growing likelihood of the U.S. Securities and Exchange Commission (SEC) approving a spot Ether ETF. Sources familiar with the matter revealed that the SEC has reached out to at least one exchange to revise the necessary filings.
This shift suggests that the odds of approval are increasing, with Bloomberg analysts estimating a 75% probability of passage. The speculation bolstered Ethereum’s rebound, leading to a 20% boost in price on May 20.
Further, Standard Chartered analysts, including Geoff Kendrick, forecast significant inflows into Ethereum following ETF approval. They predict inflows between $15 billion and $45 billion in the first 12 months, potentially driving ETH prices to $8,000 by the end of 2024. This optimistic outlook is shared by other market analysts who foresee Bitcoin reaching $150,000 by the end of the same period.
The first round of deadlines for spot Ether ETFs is approaching rapidly. The final deadline for the VanEck ETF filing is May 23, followed by the ARK Invest and 21Shares deadline on May 24. Per Reuters, the SEC’s recent request for Nasdaq and CBOE to fine-tune their applications signals a possible approval.
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