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Crypto YouTuber Lark Davis has shared a video in which he elaborates why he expects the second largest cryptocurrency, Ethereum, to see $4,000 as the first stop on its way to $10,000.
He also said that altcoin-based ETFs may flood into the market soon enough, and those would include Solana and Dogecoin ETFs in particular.
Ethereum To $4,000 By May 23rd [Last Chance] pic.twitter.com/qvMtHiMd92
— Lark Davis (@TheCryptoLark) February 2, 2024
Ethereum heading for $4,000
The main message that Lark Davis wanted to get across on X was that he believes it is highly likely that Ethereum will reach $4,000 by the end of May this year — May 23, to be exact, this is the date when the regulator is expected to green-light a spot Ethereum ETF.
Davis made a reminder that Standard Chartered bank made this prediction, drawing the deadline at $4,000. The main reason why the banking giant made such a prediction is because it expects a spot Ethereum ETF to be approved by the Securities and Exchange Commission this year, therefore, the bank’s thesis says, the ETF will drive massive demand for Ethereum, the same as it did for Bitcoin.
BlackRock and the other spot-based Bitcoin ETFs started scooping up astounding chunks of BTC before the SEC regulator approved their filings, and they continue to buy 5x more BTC than the daily amount of Bitcoin produced by miners.
So far, the regulator has been delaying its decision on the Ethereum ETF, however, Davis agrees with the Standard Chartered forecast that it is likely to make an approval on May 23.
DOGE, SOL, LINK, AVAX ETFs are likely: Davis
Davis voiced the opinion that once the SEC permits spot Ethereum ETFs to start trading, this would give a start to hedge funds deciding to launch exchange-traded funds based on other altcoins.
The YouTuber supposed that the cryptocurrency market may see ETFs launched based on such altcoins as Dogecoin, Solana, Chainlink, Avalanche, maybe even by the end of 2024. What led him to this thought was the Franklin Templeton fund.
In a recent interview to Bloomberg, a rep of this fund hinted that the market may see more ETF filings coming from them, and the rep stated that Ethereum seems like a good candidate for that to begin with.