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A crypto analyst has singled out an occasion that could possibly be the spark that Ethereum must hit the value stage of $3,500. He believes that the second-largest cryptocurrency by market cap goes to make this run after Bitcoin “gets its shine.”

How Ethereum Will Hit $3,500

In a post shared on his X (previously Twitter) platform, the CEO and founding father of MN Trading, Michaël van de Poppe, alluded to the Ethereum Spot ETF filing by Fidelity in his worth prediction of $3,500. The crypto analyst gave the impression to be suggesting that approval of an Ethereum Spot ETF may propel Ethereum’s worth to such heights. 

His reference to Bitcoin additionally confirms that this may certainly be van de Poppe’s “thesis.” He spoke about Ethereum “running to $3,500 in Q1 2024” after Bitcoin has had its shine. The “shine” seemingly refers back to the doable approval of a Spot Bitcoin ETF. Some analysts have predicted that there’s a 90% probability {that a} Spot Bitcoin ETF can be authorised by January 10, 2024.

With this in thoughts, the crypto analyst presumably believes that approval of an Ethereum Spot ETF may come not lengthy after as soon as the Spot Bitcoin ETF is authorised. If that occurs, it may spark an enormous rally in Ethereum’s worth. That may clarify why Michaël van de Poppe is predicting Ethereum to run to $3,500. 

Several asset managers have already utilized with the Securities and Exchange Commission (SEC) to supply an Ethereum Spot ETF. However, all eyes appear to be on the SEC’s determination on the pending Spot Bitcoin ETF purposes. This may merely be as a result of a remaining determination is predicted on the pending Spot Bitcoin ETF purposes, not like Ethereum’s, which nonetheless have an extended overview course of.

ETH worth steadies above $2,000 | Source: ETHUSD on Tradingview.com

Ethereum Spot ETFs May Not Get The Same Reception

Historically speaking, there may be purpose to consider that Ethereum Spot ETFs may not take pleasure in the identical reception that Spot Bitcoin ETFs have gotten to date. This is predicated on the truth that there was a stark comparability within the numbers when the futures ETF of each crypto tokens launched. 

Bitcoin futures ETFs had been already in place as of 2021, with ProShares Bitcoin Strategy (BITO) ETF being the primary to launch. Meanwhile, Ethereum futures ETFs simply launched this 12 months. What is most attention-grabbing is the buying and selling quantity that BITO noticed on its launch date compared to all Ethereum futures ETFs on their launch date. 

BITO is reported to have seen greater than $1 billion in buying and selling quantity within the first two days of launching. On the opposite hand, the full buying and selling quantity for Ether ETFs on their launch day amounted to just under $2 million. 

Featured picture from Tron Weekly, chart from Tradingview.com