Analysts have named the timeframe for Ethereum to reach a record value of $ 5000

Analysts at QCP Capital have stated that the main altcoin of the cryptocurrency market will cost $ 5000 by the end of 2024. Ethereum’s growth will be influenced by the approval of the launch of spot exchange-traded funds on ETH by the US Securities and Exchange Commission (SEC).

QCP Capital emphasized that a negative scenario is also possible. The token price may fall below the psychologically important $ 3000 mark. Especially if there are problems with the launch of the ETH-ETF.

In any case, QCP Capital experts believe that an increase in the volatility of the second largest cryptocurrency is inevitable. The total open interest in ethereum futures has reached a record high of $ 14 billion. Since the beginning of the year, the figure has increased by 40%, indicating a growing interest in digital silver trading.

The SEC asked the NASDAQ and CBOE stock exchanges to make adjustments to applications for the creation of spot ETFs based on ETH, and the management company Fidelity removed the staking clause in its updated application for a spot ETF.

The deadline for the SEC to make a decision on VanEck’s application is May 23. The proposal, jointly filed by Katie Wood 's investment management company ARK Invest and ETF issuer 21Shares, will receive its verdict from the agency the following day. The list of applicants for the launch of a spot Ethereum ETF also includes such companies as BlackRock, Fidelity, Bitwise, Galaxy Digital, Franklin Templeton, and Hashdex.