Alex Krüger, a popular economist on Twitter, expects Ethereum to be on its way to new all-time highs because of one catalyst. Then it is of course about the Spot Ethereum ETFs, which could possibly receive approval in the United States this week.
Not just bullish on Ethereum
He’s not just bullish on Ethereum. According to Krüger, Bitcoin will also “rise much more” before the end of 2024.
“My standard scenario was:
– Bitcoin much higher at the end of the year
– Ethereum underperforming due to ETF postponement
– Ethereum strong after the US elections, due to replace Gary Gensler at the SEC and ETF approval in 2025
The approval of an Ethereum ETF this week would move everything forward,” Krüger said. Now of course we still have to wait for the final approval and then we just have to see how much interest there is for Ethereum among the institutional public.
Now the good launch of Bitcoin in January will help Ethereum get off to a strong start. At least with regard to the Ethereum price, but the question remains whether billions of dollars of capital will soon flow into Ethereum.
Political pressure on the SEC
Alex Krüger believes there is currently political pressure on the US Securities and Exchange Commission (SEC) to approve the Ethereum ETF.
According to him, this could even have to do with the American elections, which are scheduled for November.
The current administration of President Joe Biden naturally wants to gain favor with the crypto industry and appease potential voters as much as possible.
“Many will disagree with this, but I believe the SEC’s change in position is politically driven, from the top of the Democratic Party and of course with the elections in mind.
Possibly even caused by the sudden support for crypto from Trump’s camp, which means that the Democrats now also have to change tack,” according to Alex Krüger’s analysis.
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Source: https://newsbit.nl/econoom-voorspelt-nieuwe-all-time-high-voor-ethereum/
