- A crypto analyst said Blackrock Ethereum ETF approval could drive the digital asset’s price up.
- Arnold stated that Ethereum could peak at $28K if it replicates previous bull cycles.
- The analyst noted that ETH’s price isn’t going to pump as fast or as high as in previous years.
Blackrock’s Ethereum spot exchange-traded-fund filing continues to drive excitement through the crypto community as investors expect the move to push the digital asset’s price up.
In a recent video, Aaron Arnold, the host of the crypto channel Altcoin Daily, noted these bullish potentials. According to the analyst, Blackrock’s ETF approval will be the demand shock that drives Ethereum’s prices up.
The analyst continued that if the world’s second-largest cryptocurrency network by market cap increased by the same percentage it did in the previous bull cycle, then prices could go as high as $42,000. However, the analyst remarked that such a cycle may be the last of the great crypto bull runs.
However, Arnold stated that the $42,000 prediction might be a far shot, predicting instead a rise to $28,000. In reaching this conclusion, the analyst mentioned that there is a considerable diminishing return on the asset. As a result, he noted that Ethereum’s price isn’t going to pump as much or as fast, unlike previous years.
Meanwhile, the crypto analyst highlighted that crypto experts have been cautious with their Ethereum price predictions. He stated that the reason is that the asset didn’t rise as much as they thought it would in the last cycle.
Arnold reiterated that a Blackrock ETH ETF approval would increase capital inflow into the digital asset. He added that this would happen, given the assets currently managed by the firm and the amount (following either a Bitcoin or Ethereum ETF approval) of addressable capital expected to enter the crypto market.
Meanwhile, CoinMarketCap’s data shows Ethereum surged higher in the last 24 hours. At press time, the token is changing hands at $2058 apiece, following a 0.41% rise in the past hour.
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