In a video that he posted, cryptocurrency YouTuber Lark Davis explains why he believes Ethereum, the second-largest cryptocurrency, will first reach $4,000 before rising to $10,000.
Additionally, he stated that ETFs based on altcoins, like Solana and Dogecoin ETFs, would soon flood the market.
https://x.com/TheCryptoLark/status/1753423383377678691?s=20
Ethereum heading for $4,000
Lark Davis’ primary takeaway from his appearance on X was that he thinks it’s quite possible that Ethereum will hit $4,000 before the end of May — specifically, May 23, which is when the regulator is anticipated to approve a spot Ethereum ETF.
Davis reminded everyone that Standard Chartered bank had made this forecast and had set a $4,000 deadline. The primary rationale behind the big projection made by the banking behemoth is that it anticipates the Securities and Exchange Commission approving a spot Ethereum ETF this year. According to the bank’s premise, this would result in tremendous demand for Ethereum, just as it did for Bitcoin.
Even before the SEC regulator accepted their registrations, BlackRock and the other spot-based Bitcoin ETFs began accumulating startling amounts of BTC, and they still do so at a rate five times higher than the daily output of Bitcoin created by miners.
Davis concurs with Standard Chartered’s prediction that the regulator would probably approve the Ethereum ETF on May 23 despite the fact that it has been postponing its judgement thus far.
DOGE, SOL, LINK, AVAX ETFs are likely: Davis
According to Davis, hedge firms may decide to develop exchange-traded funds based on other cryptocurrencies if the SEC approves spot Ethereum ETFs to begin trading.
By the end of 2024, the YouTuber predicted, ETFs based on cryptocurrencies like Dogecoin, Solana, Chainlink, and Avalanche may be introduced to the market. The Franklin Templeton fund was the catalyst for this idea.
A representative of this fund intimated to Bloomberg in a recent interview that more ETF filings from them may be coming, and the representative said Ethereum seemed like a suitable choice for that to start with.
