Crypto analysts reveal the catalyst that could push the price above $3,500.

One cryptocurrency analyst cited an incident that could trigger this incident. Ethereum The price should reach the $3,500 level. He believes that the second-largest cryptocurrency by market capitalization will: Bitcoin “Shine”

How Ethereum Reached $3,500

in post This is what the CEO and founder of MN Trading shared on the X (formerly Twitter) platform. Michael van de Poppementioned about. Fidelity’s Ethereum Spot ETF Submission At his price prediction of $3,500. Crypto analysts seemed to suggest that the approval of an Ethereum spot ETF could push the Ethereum price that high.

His mention of Bitcoin confirms that this may indeed be van de Poppe’s “thesis”. He said that after Bitcoin shines, Ethereum will “soar to $3,500 in the first quarter of 2024.” “Shine” probably refers to the possible approval of a spot Bitcoin ETF. Some analysts predicted There is a 90% chance that a spot Bitcoin ETF will be approved by January 10, 2024.

With this in mind, cryptocurrency analysts may believe that approval of an Ethereum spot ETF could come not long after the spot Bitcoin ETF is approved. That could trigger a massive rebound in the price of Ethereum. This may explain why Michaël van de Poppe predicts that Ethereum will rise to $3,500.

Multiple asset management companies I already applied Securities and Exchange Commission (SEC) offers the Ethereum Spot ETF. However, all eyes seem to be on the SEC’s decision on the pending Spot Bitcoin ETF application. This may be because a final decision is expected on pending spot Bitcoin ETF applications, unlike Ethereum, which still has a longer review process.

ETH price steadies above $2,000 | Source: ETHUSD on Tradingview.com

Ethereum Spot ETF May Not Get the Same Reaction

historically speaking, there is reason to believe that the Ethereum Spot ETF may not get the same response that the Spot Bitcoin ETF has gotten so far. This is based on the fact that when futures ETFs for both cryptocurrency tokens were launched, the numbers were starkly comparable.

Bitcoin futures ETFs have already been implemented in 2021, with the ProShares Bitcoin Strategy (BITO) ETF being the first to launch. meantime, Ethereum Futures ETF I just started this year. What is most interesting is the trading volume BITO saw on launch day compared to all Ethereum futures ETFs on launch day.

Vito is reported In the first two days of launch, trading volume reached over $1 billion. Meanwhile, the total trading volume on the Ether ETF launch date was It was a little less than $2 million..

Featured image from Tron Weekly, chart from Tradingview.com