Analysts name the factors that will cause Ethereum to rise to $ 6600

Analysts at Bernstein predict that ethereum could soar to $ 6600. This will happen if US regulators give the green light to exchange-traded funds trading ETH.

This is the opinion of Gautam Chhugani and Mahika Sapra, analysts at Bernstein Research. According to them, the US Securities and Exchange Commission’s approval of similar bitcoin products in January triggered a 75% increase in the following weeks.

«We expect similar price dynamics for ETH ,» Chhugani and Sapra said in a report published on Tuesday.

At today’s prices, this means that the price of Ethereum will exceed $ 6,600. The previous record of $ 4,878 was reached in November 2021. ETH is on the rise this week amid speculation that the U.S. Securities and Exchange Commission (SEC) is ready to approve exchange-traded funds.

The SEC has asked NASDAQ and CBOE to make adjustments to their applications for ETFs based on ETNs, and the management company Fidelity has 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.