The world’s largest asset management company, BlackRock, is expected to see an increase in the price of Ethereum (ETH) if its spot ETF is approved by the U.S. Securities and Exchange Commission (SEC). Analyst Austin Arnold predicts that the price of the altcoin king could increase by at least tenfold based on current prices.
Ethereum’s price showed a significant increase in November following BlackRock’s intensified efforts in the cryptocurrency market and its application for a spot Bitcoin ETF alongside Ethereum. If approved, the Spot Ethereum ETF will be listed on Nasdaq and open doors to a wide new audience that has been hesitant to purchase ETH due to technical, security, or liquidity concerns.
ETH is expected to become a legitimate investment opportunity, resulting in Ethereum’s price trading above $2,000. Some analysts have made highly optimistic predictions about where Ethereum could go in its next bull run.
TheStreet analyst Austin Arnold emphasized the importance of BlackRock’s support for both Bitcoin and Ethereum in terms of future prospects for both assets. Arnold assessed how much of BlackRock’s assets under management (AUM) could be allocated to the spot Ethereum ETF and evaluated its impact on the asset’s market value.
While Arnold predicts that Ethereum could reach $41,000 after the approval of the ETF, he also highlighted that the largest altcoin may not go that far. According to the analyst, a more realistic prediction in this positive scenario would be $28,000 or $10,000. As emphasized by Arnold, the most realistic target level for ETH is projected to be $10,000.