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Though it can hardly be said that Ethereum ($ETH) has underperformed in the 2024 cryptocurrency bull market, $ETH has – unlike many other coins and tokens, including Bitcoin ($BTC) – failed to reclaim its all-time highs (ATH).
Indeed, with Ethereum price today standing at $3,660.17 after a 65.58% year-to-date (YTD) rise, the cryptocurrency has seemingly found a strong resistance zone near $3,800 and has, despite multiple attempts in recent months, proven unable to maintain a valuation above it.
Things may soon change, however, given that $ETH is set to get an entirely new contingent of institutional and retail investors with the approval of spot exchange-traded funds (ETFs), announced on May 23.
With the recent developments in mind, Finbold decided to consult the most advanced version of OpenAI’s flagship artificial intelligence (AI) platform – ChatGPT-4o – about where Ethereum’s price might stand when the first $ETH ETFs are listed.
ChatGPT sets $ETH price at time of first ETF listing
As it quickly turned out, ChatGPT considers the approval of the exchange-traded funds to be a major victory for Ethereum and estimates that its price – once the first listings take place – is likely to rocket as high as $4,750.
According to the AI, the high price target is the result of multiple factors – both old and newly introduced – and assumes that the SEC’s decision will both bring a deluge of new investors and vastly boost the crypto market sentiment about Ethereum.
ChatGPT also analyzed the impact of $BTC ETFs on Bitcoin’s price and took into account other $ETH-specific factors, such as the market dynamics following the ‘merge’ when arriving at the $4,750 price target.
ChatGPT offers a more bullish and a more bearish outcome
After outlining its baseline prediction, ChatGPT conceded that it is not the only plausible outcome of the listing of the first-ever $ETH ETFs in the U.S.
The AI stated that, should the funds lead to substantially greater inflows than anticipated, and should $ETH reliably stay above $4,000, it is possible the cryptocurrency might rocket as high as $5,000 in the wake of the listings.
On the other hand, ChatGPT also stated that it is possible the ETFs could drive $ETH price down to approximately $3,300.
According to the AI, this might happen should there be excessive profit-taking in the wake of the listings. A similar event was seen after the approval of $BTC ETFs in January when the crypto market entered into a brief but brutal bloodbath.
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