Ethereum is expected to hit $6500 by late 2024, driven by substantial inflows into spot ETFs based on the asset, according to Steno Research analysts. The US SEC is likely to approve these spot Ethereum ETFs by July 2024.
Steno Research forecasts that these ETFs could attract $15 to $20 billion in their first year. This influx of capital is predicted to boost Ethereum’s value, potentially strengthening its ratio to Bitcoin to 0.065 by the end of 2024, up from the current 0.056.
A standout feature of Ethereum’s growth is the expected approval of spot ETFs, which marks a significant regulatory milestone. This approval is poised to attract investor interest and enhance market activity.
Galaxy Digital experts have also predicted monthly inflows of $1 billion into Ethereum-based ETFs. These financial inflows highlight Ethereum’s potential for a notable rise in market value and influence compared to Bitcoin.
Strategically, the influx of funds into Ethereum spot ETFs signifies a major development in the cryptocurrency market, positioning Ethereum for significant growth and increased market influence.
