With spot Ethereum (ETH) exchange-traded funds (ETFs) expected to begin trading on July 23, a number of analysts are revising up their price targets on the second largest cryptocurrency.
Several analysts are forecasting that the price of Ethereum will rise as high as $5,000 U.S. by year’s end as investor capital flows into the new spot ETFs.
A $5,000 U.S. price target implies an increase of nearly 50% from Ethereum’s current level of $3,400 U.S.
One well-known crypto analyst, Peter Brandt, is predicting that Ethereum’s price will reach $5,600 U.S., implying an increase of 65% from current levels.
Sentiment towards Ethereum is turning bullish as the spot ETFs are expected to begin trading on U.S. exchanges July 23.
According to multiple media reports, the U.S. Securities and Exchange Commission (SEC) has told fund and asset managers that their spot Ethereum ETFs can start trading in coming days.
Several asset managers, including VanEck, Invesco (IVZ), BlackRock (BLK) and Ark Invest are
expected to launch spot Ethereum ETFs in coming weeks.
Analysts at Citigroup (C) have forecast that the new crop of spot Ethereum ETFs could attract as much as $5.4 billion U.S. of net inflows in their first six months.
Analysts at Steno Research are forecasting inflows of $20 billion U.S. for the spot Ethereum ETFs in their first year on the market.
The price of Ethereum has risen about 10% in the past seven days as excitement builds for the ETF launch. Year-to-date, Ethereum’s price is up 45%.
