Ethereum’s Potential for New All-Time Highs with SEC Approval
Economist Alex Krüger believes that Ethereum (ETH) has the potential to reach new all-time highs if the U.S. Securities and Exchange Commission (SEC) approves a spot ETH exchange-traded fund (ETF). This approval, which could potentially happen as early as this week, has already caused ETH to surge by over 20% in recent times.
Positive Forecast for Bitcoin and Ethereum
Krüger also predicts a significant rise in the value of Bitcoin (BTC) by the end of 2024. However, he suggests that Ethereum may outperform Bitcoin in the future, particularly after the U.S. elections. This assumption is based on the expectation of a shift in SEC leadership and subsequent ETF approval in 2025.
Potential Implications of ETF Approval or Rejection
If an ETH ETF is approved this week, it is likely to result in market inflows and push Ethereum to new record highs. However, on the other hand, a rejection could have negative consequences for the cryptocurrency’s price and market sentiment.
Current ETH Trading Performance and Political Influences
As of now, Ethereum is trading at $3,809, reflecting a remarkable increase of over 22% within a 24-hour period. Krüger also suspects that political pressure surrounding the upcoming U.S. elections may be influencing the SEC’s stance on ETH ETFs.
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