Analyst Alex Krüger calls a condition for the Ethereum network to grow in popularity
The expert believes that the network will start to grow as soon as the probability of Ethereum ETF approval increases
15.02.2024 - 10:01
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The material is not an investment recommendation and is published for informational purposes only.
What’s new? Crypto analyst Alex Krüger called Ethereum a “slow horse” in the digital asset market due to the size of the network and its already established presence in the crypto space. However, he believes that the platform could change the situation if the topic of spot exchange-traded funds (ETFs) based on ETH begins to gain momentum.
What else is known? Krüger noted that Bloomberg experts “have been driving the ETF narrative for Bitcoin very successfully” and “they’re pinning the probability of an ETF by May [at] 60%.” However, he believes that such a possibility is “overly optimistic.” According to the analyst, the appearance of Ethereum ETF is impossible as long as Gary Gensler is the chairman of the US Securities and Exchange Commission (SEC).
Krüger emphasized that if Donald Trump wins the 2024 presidential election, Gensler will likely step down as chairman of the SEC, opening the way for Ethereum and other cryptocurrency ETFs. The expert believes that once the likelihood of Ethereum ETF approval increases, ETH will start to rise again and significantly outperform bitcoin.
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As of February 15, 09:15 UTC, Ethereum is trading at $2653 on Binance, down by 2,35% overnight, with a weekly gain of 14,9% (data from the Coingecko aggregator).
In January, the SEC postponed the deadlines for applications by investment firms Fidelity and BlackRock for spot ETH ETFs to March 5 and March 10, respectively. Bloomberg analyst James James Seyffart admitted that the key date could be May 23.
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