While the increased likelihood of approval of Spot Ethereum ETFs rocketed the ETH price, rally expectations for the price also increased.

At this point, new predictions for the ETH price came from QCP Capital, a Singapore-based crypto investment company.

Evaluating the relationship between price and rumors that the SEC is considering approval of spot Ethereum ETFs, analysts predict that the ETH spot price is unlikely to stabilize.

Stating that if the SEC approves ETH ETFs, the price will approach $ 4,000 as a short-term target, analysts think that the price may reach up to $ 5,000 in the later periods of 2024.

Stating that in case of a possible rejection, the price may experience an ugly decline to $ 3,000, analysts said that uncertainty about whether ETFs will be approved or not leads to higher volatility in the ETH price.

“If Spot Ethereum ETFs are approved, ETH price could rise to $4,000 as a short-term target and $5,000 later in the year.

⁠Unless confirmed, we can expect an ugly return to the $3,000 level.”

Ethereum continues to trade at $3,677 at the time of writing.