QCP Capital predicts that the approval of spot Ethereum ETFs in the U.S. could drive ether's price up by 60% to around $6,000, similar to the price surge seen with Bitcoin after its spot ETF approval. The SEC is expected to make decisions on applications from VanEck and Ark Invest soon, with other major firms also in the running. Analysts are optimistic, but a denial could lead to a significant price correction.
QCP Capital predicts a deeper decline in the ETH/BTC ratio after the Shapella hard fork, citing sustained spot selling pressure in thin markets. The ratio has already declined 13.7% this year amid fears of investors liquidating coins after the upgrade. QCP Capital suggests that those at the front of the queue for withdrawals are likely to sell spot, while those further back will hedge via perps/futures. Troubled entities like Celsius might sell their staked ether balance to recover at least a portion of creditors' funds.
