Spot Ether ETFs Could Drive ETH Price to $10,000 by End of 2024, Says Nexo's Stoychev

Legalizing spot Ether exchange-traded funds (ETFs) in the United States may propel Ether's price to $10,000.

Legalizing spot Ether (ETH) exchange-traded funds (ETFs) in the United States may propel Ether's price to $10,000. While the US Securities and Exchange Commission's (SEC) ETF certification procedure could take months, Andrey Stoychev, Nexo's head of prime brokerage, believes that the ETF's introduction could be a big driver for the price of Ether (ETH). “ETH ETFs in the USA and similar products in Asia could be the driver that helps the asset reach $10,000 by end-2024, catching up with Bitcoin’s performance post-ETF,” Stoychev told Cointelegraph.

The prediction follows a strong price spike for Ether, which has risen more than 21% in the last 24 hours to a two-month high of $3,771 as of 12:08 pm UTC, according to CoinMarketCap.

The Ether rally comes after news that the United States Securities and Exchange Commission (SEC) has reversed its decision on spot Ether ETFs, potentially owing to political pressure, and has requested ETF exchanges to revise their 19b-4 filings.

While the timing of a prospective spot Ether ETF remains uncertain, Nexo's Stoychev sees the SEC's latest move as a favorable indication.

“This seeming change in perception towards Ether ETFs may come to signal a switch in stance from the SEC. A speculative reason for that could be the upcoming US presidential election which has come to highlight that crypto users may play a defining role, especially in swing states.”