Ethereum Price Prediction 2024 After ETF Approval: How High Will Ethereum Go in 2024?

Congratulations to all the Ethereum enthusiasts for the monumental approval of the first US-based Spot ETH ETFs on 23rd May 2024!!

But before we get lost in the celebrations, let's get down to business and address the three most buzzing questions everyone's asking: What would be the Ethereum price after ETF approval? What is the Ethereum Price Prediction for 2024? How high will Ethereum (ETH) go in 2024?

The blog below answers all these questions, covering the nitty-gritty details, future possibilities, ongoing trends and even past performances.

Let's get started!

Ethereum ETF Approval Timeline

• The story of spot Ethereum ETFs dates back to September 2021, when VanEck, the respected New York-based fund group with nearly $100 billion in assets, first applied for a spot Ether ETF in the USA. But it withdrew its application days later. In October 2021, the SEC gave the green light to ETFs holding Bitcoin future contracts. However, it did not approve VenEck's spot Ethereum ETF application.

• Things remained the same until Grayscale Investments filed a lawsuit against the SEC in June 2022. This lawsuit came after the SEC rejected Grayscale's petition to convert its Grayscale Bitcoin Trust (GBTC) into an ETF. The firm argued that the SEC's decision to prohibit it from the conversion above was "arbitrary and capricious".

• Next year, in May 2023, Grayscale and Bitwise, among other issuers, submitted their Ether Future ETF filing but dropped the plan a week later. Months later, Ether Futures filing resurfaced when Volatility Shares renewed its application in late July. Multiple other fund groups followed it.

• Things changed for the better when Grayscale registered its legal victory over the SEC in August 2023. The judge ruled that the SEC could not explain the reasons for the different treatment of similar products (GBTC Futures Trust and Bitcoin ETF). They wrote that the SEC's differentiations fell short of the standard for reasoned decision-making. This ruling was a landmark decision for cryptocurrencies, forcing the SEC to reconsider its previous ruling against Bitcoin and Ethereum Spot ETFs. Later, it also played a big part in the spot Bitcoin ETFs and Ethereum ETF approval (spoiler alert).

• Months after this approval, Issuers re-applied for spot Ethereum ETFs, including VanEck. After taking back its Spot Ether ETF application in 2021, VanEck refiled it in early September 2023. Ark Invest, 21 Shares, and Hashdex also followed its lead. Their filing began the 240-day review period for SEC with an expiry date of 23 May 2024. In October 2023, multiple other investment funds like Grayscale and Invesco jumped into the Ethereum spot ETH bandwagon. In the same month, Ether futures ETFs of multiple firms began trading in the U.S. It involves VanEck, Bitwise, ProShares, iShares, Valkyrie Investments and more.

• In the first month of 2024, on January 10, the SEC passed its landmark decision of approving eleven spot Bitcoin ETFs. The list included- ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Trust (FBTC), Franklin Bitcoin ETF (EZBC), Grayscale Bitcoin Trust (GBTC), Hashdex Bitcoin ETF (DEFI), Invesco Galaxy Bitcoin ETF (BTCO), iShares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), VanEck Bitcoin Trust (HODL), and WisdomTree Bitcoin Fund (BTCW). This approval of Bitcoin spot ETFs led other investment firms like Fidelity to apply for Ethereum Spot ETFs.

• By March 2024, Bitwise also filed for a Spot Ether ETF. While applying, it also published a correlated analysis to replicate the SEC's methodology in evaluating Bitcoin. The published analysis stated, "We believe the results show a strong correlation between the ETH spot market and CME ETH futures market, at a level substantially similar to the findings of the SEC's analysis in the spot Bitcoin ETF approval order.

• When the SEC's Ethereum ETF approval deadline was approaching, Consensys sued it in April, claiming it sought to regulate ETH as a security. The company claimed that the SEC wants to regulate Ethereum as a security even though ETH bears no security attributes. This accusation by Consensys surfaced because the SEC's stance on whether ETH is a security or a commodity has been unclear for years. A few years back, the director of the SEC's division of corporate finance, William Hinman, mentioned in one speech that the "current offers and sales of ETH are not securities transactions." However, when asked in 2023 whether Ether would be classified as a security, the SEC chairman, Gary Gansler, did not give a clear answer.

• On May 20th, Bloomberg ETF analyst Eric Balchunas posted a tweet on X. He posted this tweet only a few days before the first Spot Ethereum ETF deadline, increasing the probability of a spot ETF approval from 25% to 75%. An hour after this news came out, his post went viral, driving ETH price to double-digit gains. The reason for the crypto community's intensified reaction to Balcunas's tweet is this historical coverage of the Bitcoin ETF before this year. He became one of the most trusted sources in the crypto ETF discussions. The analyst cited increased SEC engagement with the ETF appliers, indicating the chances of SEC pivoting from its anti-crypto stance. Days before the final deadline for the first spot, Ethereum ETF, the issuers submitted an amended ETF filing with changes stated by the SEC.

• Then, finally, came D-day on 23rd May 2024, when the U.S. Securities and Exchange Commission (SEC) approved multiple applications requesting to list ETFs tied to the price of ether. This paved the way for the Spot Ethereum ETFs to begin trading later this year.

• Despite getting the approval, the application issuers still need the SEC's approval on ETF registration statements detailing investor disclosure before they can start trading. Unlike the exchange filing, this filing does not have a set time frame for the SEC to decide its approval. However, industry experts believe this final approval for trading the Spot Ethereum ETFs can take a few weeks.

Since we now know how long it took for the Spot Ethereum ETF approval and how significant it is for the crypto community, let's discuss the possibilities associated with the Ethereum price after ETF approval.

Ethereum Price After ETF Approval

The Ethereum price after ETF approval was expected to surge significantly for various reasons. The entire crypto community celebrated this development as a positive development. However, things haven't gone as planned, and Ethereum's price has remained unchanged, with Bitcoin dropping even further.

There could be two major reasons for this drop in Ethereum price after ETF approval:

Anticipation Before Ethereum ETF Approval Date

A key reason for the unexpected fall in the Ethereum price after ETF approval is that the news about these ETFs has been on for a while now. The involvement of the US SEC with the ETF issuers and the analysis by Bloomberg analyst Eric Balchunas received a huge response from investors, causing an over 30% surge in ETH prices in the last few days. These positive predictions spurred traders' interest in cash-in on the Ethereum development for the short term.

When the new buyers were waiting for the upward change in Ethereum price after ETF approval, these traders sold out their short-term long positions, sending the market into a correction phase. As a result, the expected upward momentum in Ethereum price after ETF approval did not occur. In short, all the major short-term actions by traders on the ETF news have already happened before the Ethereum ETF approval date. This phenomenon is famously known as "buy the rumor, sell the news", where assets often gain ahead of a big event and then sell off afterwards.

Delay in the S-1 Form

Another key reason for the disappointed market reaction regarding Ethereum price after ETF approval is that although the applications got approval, the investors can not currently engage with the ETFs. The SEC has only approved the 19b-4s forms issued by those who applied for spot Ethereum ETFs. However, these issuers still need approval on their S-1 forms before their ETF can begin to trade in the American share market. The S-1 form plays a crucial role by including all the details of the firm's financial risk profile and the assets it intends to offer. This form has yet to get approval from the SEC, and this approval can take weeks or even months.

The factors we discussed in this section justify the short-term bearish behavior of the Ethereum price after ETF approval. However, the long-term aspect of the Ethereum price still looks bullish. The below section on the Ethereum price prediction for 2024 will explain it in detail.

Ethereum Price Prediction 2024 (USD & INR)

The Ethereum price prediction for 2024 looks extremely bullish in the long run. According to multiple experts, the Ethereum price after ETF approval is highly likely to experience an uptrend with increased demand. Multiple industry experts think that the Ethereum price can see a significant boost once the S-1 form of the issuers gets the pending approval. As per Bloomerg's analyst, Eric Balchunas, this S-1 form approval can typically take up to five months. However, he estimated this is possible in mid-June, anticipating only a single amendment round. With a good record of predicting the upcoming crypto ETF events, Eric's estimation has enormous potential to turn true. If that happens, Ethereum price in the second half 2024 can reach new highs.

Analysts from Standard Chartered also predicted a similar bullish Ethereum price prediction for 2024. After ETF approval, they stated that the Ethereum price could lead to up to $45 billion in inflows within the first 12 months. Such substantial inflow can push the Ethereum price to $8000 by the end of 2024. An analyst of another reputed institution, Bernstein, highlighted that the Ethereum (ETH) price could surge 75%, affecting Bitcoin's success following its ETF approval. Ethereum price prediction for 2024 can also include a 60% rally as per the QCP capital, which forecasted this number after analyzing the Bitcoin price pump after its ETF approval.

The bullish Ethereum price prediction for 2024 becomes even crazier when we consider the numbers stated by Raoul Pal, a famous crypto trader who expects the ETH price to surge from $17000 to $20,000 during the next bull cycle. Another leading crypto analyst, Smiley, has given $7000 to $8000 as the expected range for Ethereum price prediction in 2024. Additionally, Yooddha, a crypto analyst, predicted that Ethereum will experience a massive rally and cross the $10,000 mark by the end of the year. He gave this prediction after analyzing the historical trends, interim peaks, periods of accumulation, volatility and other factors from 2016 to 2024.

But before considering all these bullish Ethereum price predictions for 2024, it is important to consider the major factors involved. First, there is the regulatory uncertainty associated with Ethereum for years. SEC's stance on classifying Ethereum as a security or commodity has been unclear. This unclear perception can adversely affect the approval process and investors' interest. Due to this uncertainty, new investors may hesitate to invest in a Spot Ethereum ETF. Unlike the Bitcoin spot ETF application that received trading permissions on the same day as their approvals, the case has not been the same with Ethereum Spot ETFs. Although the SEC approved their 19b-5 filings, they still require an approved S-1 registration statement. Such a dual-layer approach hints towards possible regulatory scrutiny and further delays.

Another serious factor is the ongoing network congestion and high fee issues in the Ethereum blockchain. These technological problems can challenge the reputation of Ethereum ETFs. However, chances are that the upcoming upgrades of Ethereum, as stated in its roadmap, will be able to solve these problems in the near future. For instance, the recent Ethereum upgrade, Dencun, is expected to boost its scalability significantly by introducing proto-dank sharding. This new addition can potentially reduce transaction costs and increase the network throughput, making Ethereum a robust and attractive blockchain network. As the network becomes more efficient, it will directly impact the Ethereum price after ETF approval.

Therefore, chances are that the increasing capabilities of Ethereum as a blockchain network will continue to drive interest in its ETFs. However, investors must still temper their enthusiasm until the Spot Ethereum ETFs start trading and experience good inflows.

Analyzing all these factors individually, our Ethereum price prediction for 2024 after the ETF approval is as follows.

The same Ethereum price prediction 2024 after the ETF approval in INR is-

NOTE: All INR prices in this Ethereum Price prediction for 2024 section are based on the current USDT-INR exchange rates (1 USDT = INR 83).

You can read an extended version of this analysis in our Ethereum (ETH) price prediction.

How High Will Ethereum (ETH) Go in 2024?

To determine how high Ethereum (ETH) will go in 2024, we must consider many factors. Firstly, the final approval required for the Spot Ethereum ETFs to start trading can take weeks and even months. Moreover, the uncertainties associated with Ethereum being classified as a security or commodity can also affect its regulatory framework. However, multiple positive factors exist, suggesting a possibility of a strong year for ETH price. With the fourth Bitcoin halving completed recently, the market can soon experience a bullish wave of fund inflows. The historical trends have shown that every Bitcoin halving so far has initiated a gigantic bull run. If the same pattern appears this time, it can propel the prices of cryptocurrencies, including Ethereum (ETH), to new levels. Moreover, the first US-based Spot Bitcoin ETFs launched this January have received an immensely positive response from investors, nearly doubling the Bitcoin price within four months. Due to their fundamental similarities, multiple analysts expect a similar trajectory for Ethereum price after ETF approval. Therefore, we can expect a nearly 60-80% upward price surge in ETH price by the end of 2024. This gain can be even higher if the Ethereum spot ETFs get good responses once their trading begins.

FAQs

What can the Ethereum price be after ETF approval?

According to our observations, the price of Ethereum (ETH) can reach as high as $6780 by the end of 2024. We arrived at this number after considering various differences and similarities between the Bitcoin spot ETFs in the USA and the yet-to-be-traded Ethereum spot ETFs.

Will we see any increase in Ethereum price after ETF approval?

It is highly likely to witness some significant pumps in Ethereum (ETH) price after the approval of its first US-based spot ETFs. However, these price surges may not be as instant as they were when Bitcoin's spot ETFs launched in January. The reason is the dual-layer approach employed by the US SEC over these ETFs and the regulatory confusion associated with Ethereum. However, sooner or later, the Ethereum (ETH) price may see a direct impact due to the wider accessibility established by the newly approved Ethereum Spot ETFs in the USA.

What is Ethereum price prediction for 2024?

As per our analysis, Ethereum price prediction for 2024 ranges from $3800 to $6780. The same prediction in INR ranges from INR 3,49,712 to INR 5,64,804.

What is the Spot Ethereum ETF approval date?

The Ethereum ETF approval date is May 23, 2024. This was the day when the U.S. Securities and Exchange Commission (SEC) approved a rule that allowed exchanges to list spot Ethereum ETFs in the USA. These ETFs will be backed by Ether (ETH). Eight applicants, Grayscale, Bitwise, BlackRock iShares, VanEck, ARK 21 Shares, Invesco Galaxy, Fidelity and Franklin Templeton, have received this approval.  It is worth mentioning that the SEC has only approved 19b-4 forms for these ETFs; the approval of S-1 forms that will allow trading of these ETFs is still pending and can take weeks or even more.

Where to buy Ethereum (ETH) in India?

Flitpay is the best platform to buy Ether (ETH) in India. Here, you can easily buy Ethereum, Book of Meme, Bitcoin and more than 150+ other cryptocurrencies. It is an FIU-approved cryptocurrency exchange with strong customer support and quick deposits/withdrawals.

How to buy Ethereum (ETH) crypto in India?

You can easily buy Ethereum in India on the safest crypto exchanges, like Flitpay, with the lowest fees.

To Buy Ethereum (ETH) in India:

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Disclaimer: The content provided in this price prediction blog is purely for informational purposes and should not be considered financial advice. Cryptocurrency markets are highly volatile and subject to rapid fluctuations. Any investment or trading decisions based on the information presented here are at your own risk. We recommend conducting thorough research and consulting with a qualified financial advisor before making an investment decision.