On Thursday, the report indicated that if Ether can emulate Bitcoin's gains driven by ETF approvals since January, it could usher in a sharp rise.

Currently, US regulators are deciding whether to approve the country's first Ether spot ETF, and all eyes are on the second-largest cryptocurrency. According to an article published by cryptocurrency trading firm QCP Capital on Telegram, this could push the cryptocurrency token up 60%.

As the ruling deadline approaches, the US Securities and Exchange Commission (SEC) is expected to announce the ruling as early as this week. Reports that the agency is inclined to approve these applications came as a surprise to the market, and since Monday, Ether has risen by almost 22%.

QCP Capital wrote in the article: “The implied volatility was over 100% last Friday, and the market is expected to fluctuate sharply. BlackRock and five other issuers have amended their ETF documents to the US Securities and Exchange Commission, while Vaneck's ETF has been listed on the Depository Trust and Settlement Corporation (DTCC). We think approval is likely now, and trading is expected to begin as early as next week.”

Citing the success of the Bitcoin ETF, the agency predicted that Ether would rise 60%. The forecast is based on the fact that in mid-January, the SEC also approved a spot Bitcoin ETF. Since then, the cryptocurrency has broken through a record high of more than $73,000, although gains have declined somewhat since then.

As a result, there was also a significant increase in Ether purchases this month. Since May 1, CryptoQuant data shows that Ether recipient purchases (that is, the amount of cryptocurrency purchased from sellers on exchanges) have increased 85%.

Wall Street is optimistic about a new round of ETF-led cryptocurrency gains, which has rekindled bullish expectations for Ether and Bitcoin. Standard Chartered Bank, for example, confirmed that Ether could reach $8,000 by the end of this year, further boosting Bitcoin's target of $150,000.

Furthermore, Geoff Kendrick, head of foreign exchange research, wrote, “Spot Ether ETFs are unlikely to experience the same problems that plague Bitcoin, such as large fluctuations in capital inflows.”