The recent approval of spot ether ETFs is anticipated to catalyze a significant price rally, according to Rachel Lin, CEO of SynFutures. Following the positive verdict last week, Lin predicts that ether could surge between $15,000 and $22,500 in this cycle, a potential 503% increase from its current price of approximately $3,890.

Bullish Sentiment on the Ethereum Ecosystem

Lin asserts that the Ethereum ETF approval marks one of the most pivotal bullish events for the Ethereum ecosystem. Even if the ether ETFs do not initially gain as much traction as bitcoin ETFs, they are expected to attract substantial capital over time. Ethereum, offering annual yields through staking and being integral to technologies like DeFi and NFTs, presents more functionality than Bitcoin, positioning it as a formidable competitor.

“Bitcoin could become the Dow Jones of crypto ETFs, while Ethereum becomes its NASDAQ,” Lin remarked.

Correlation with Bitcoin and Supply Dynamics

Lin also highlighted the established correlation between bitcoin and ether prices, which she believes will strengthen due to increasing demand for tech crypto and significant supply shifts. Since September 2022, ether’s supply has stabilized at 120 million, contrasting with bitcoin’s 2.9% supply increase over the same period.

If bitcoin reaches the $150,000 mark this year, a frequently cited estimate by Standard Chartered, ether could potentially hit the high-end forecast of $22,500.

Market Optimism and Realistic Expectations

While the market is currently bullish on Ethereum, Lin argues it is not sufficiently optimistic. The approval of the spot ETH ETF is seen as a key indicator of a forthcoming massive ETH bull run. Although it may take weeks for the new ETFs to begin trading, their approval has already generated considerable excitement. However, other forecasts, such as that from Standard Chartered, are more conservative, predicting ether to reach $8,000 by the end of the year.