Key Points
- QCP Capital forecasts that Ethereum ETF approval could propel ETH prices to $5,000.
- The Singapore-based crypto firm also warns of a possible dip to $3,000 if the ETF is not approved.
Crypto trading firm QCP Capital has suggested that the approval of an Ethereum exchange-traded fund (ETF) could push the price of the cryptocurrency to $5,000.
The Singapore-based company’s prediction came amid growing speculation about the potential approval of the ETF by the US Securities and Exchange Commission (SEC).
QCP Capital’s Price Predictions
QCP Capital has indicated that if the ETF is approved, Ethereum’s price could briefly hit $4,000 before rising to $5,000 later in the year. However, they also warned of a possible drop to $3,000 if the ETF is not approved.
The firm has suggested that the uncertainty around the ETF’s approval is causing high volatility in Ethereum’s price, which could present a potential trading opportunity.
QCP Capital previously suggested that if the ETF is approved, Ethereum could outperform Bitcoin in terms of price action.
Industry Reactions to ETF Approval Rumors
Entrepreneur and investor Anthony Pompliano has expressed the view that the approval of the Ethereum ETF would be a significant step forward for the entire crypto industry.
The price of Ethereum has risen by nearly 20% in the last 48 hours in anticipation of the potential ETF approval. According to on-chain analytics firm Santiment, the possible approval has significantly impacted Ethereum and the entire altcoin market.
