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In a move that no one saw coming, Ethereum has ripped higher this week, almost touching $4,000 per ETH.
Why is Ethereum on fire? It’s all because of the approval of a spot Ethereum ETF, which was not priced in to the market.
Top ETF analysts had odds at 25%, before the SEC unexpectedly began working with ETF issuers to approve an ETF. Then, we saw an approval.
In hindsight, this wasn’t all too unexpected, as BlackRock had filed for an Ethereum ETF & when BlackRock wants something, they get their way. Their ETF approval record is now 577 approvals to only 1 denial.
In a recent live stream, Real Vision CEO & founder Raoul Pal gave his updated ethereum thesis & broke down why al. the price action we have seen thus far is expected.
In Crypto Spring, it’s normal that Bitcoin out-performs. However, in the transition into crypto summer, or ‘the banana zone’ as Raoul puts it, it’s common to see Ethereum out-performing.
Raoul believes that we’re going to see both Ethereum & Solana hit new all-time highs in the coming months.
As to how high, just this week we saw $725 billion dollar asset manager, Bernstein, release a research report predicting that we will see Ethereum follow the price action of Bitcoin following it’s ETF approval.
First, we will see a pullback & then we will see new all time highs, 3 months later. With Ethereum dipping over 5% on the day of its spot ETF approval, things are already playing out in a similar way. Berstein believes we will see Ethernet hit $6,600 dollars in the coming months, thanks to the ETFs.
Make sure to stick around to the end of the video where I will breakdown how Ethereum’s supply dynamics are actually BETTER than Bitcoins.
About Raoul Pal:
Raoul Pal is the co-founder and CEO of Real Vision, the world's preeminent financial media platform, which helps members understand the complex world of finance, business, and the global economy.
#Bitcoin #Crypto #Investing
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