With the market anxiously awaiting the Ethereum ETF arrival, Bitwise has predicted that ETH will be headed to an all-time high price after the offering officially launches. Experts have predicted that the product will debut on July 23rd. Moreover, many predict it to massively impact the asset’s price.
The company’s CIO, Matt Hougan, authored a piece highlighting how stark that impact could be. Specifically, he forecasted that ETH would surpass the $5,000 mark and set new landmark price records. He noted that those heights would be due to the recently approved ETH ETFs.
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Bitwise Predicts ATH Run for Ether After ETF Arrival
Throughout 2024, the crypto market has seen massive strides taken in terms of adoption. In January, the US approved the first Bitcoin ETF in the country. That catapulted the asset, with it reaching an all-time high price of $73,000 just three months later.
Now, many experts are predicting similar to take place for the second crypto-based ETF that got regulatory approval in the country. Amid Ethereum’s arrival this month, Bitwise has predicted ETH to reach an all-time high after its ETF goes live.
“By year-end, I’m confident the new highs will be in,” Hougan said. “And if flows are stronger than many market commentators expect, the price could be much higher still.” Hougan went on to discuss the role that exchange-traded products play in bringing “new sources of demand.”
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Hougan then went on to predict the ETF to have a greater impact on ETH than it had on Bitcoin. “I think the new Ethereum ETPs will attract billions. And I think the money flowing into these new ETPs will have a bigger impact than it did with Bitcoin,” he stated.
The prediction was rooted in three facets: the short-term inflation rate, ETH stakers not needing to sell, and staked ETH already off the market. These three things could be critical to Ether exploding beyond its current $3,414 price point.
Over the last seven days, the token has surged more than 10%, according to CoinMarketCap. That is set to change, with the ETFs set to begin trading in just six days. Bitwise’s prediction is expecting a 50% rally from its current price point.