Jim Cramer makes ‘pretty obvious’ prediction about Ethereum ETFs

Amidst Ethereum’s [ETH] current 16% surge previously week, Jim Cramer, a revered market analyst and TV host, predicted that Ethereum ETFs’ will change into the subsequent massive factor. 

On the twenty eighth of February, Jim Cramer took to X (previously Twitter), drawing parallels between Bitcoin’s [BTC] ascent and Ethereum’s surge to $3,400, mentioned, 

“Given the success of the bitcoin ETF, it’s fairly apparent that an Ethereum ETF will quickly bloom.”

Coinbase backs spot Ethereum ETFs

Fueling the occasion additional, foreign money trade Coinbase formally petitioned the Securities and Trade Fee (SEC) to greenlight the buying and selling of the Grayscale Ethereum Belief on the NYSE Arca platform.

Coinbase just lately submitted a complete response to the SEC for a spot Ethereum ETF proposal, advocating for the approval of Grayscale Ether Belief. They argued,

“ETH’s market depth, tightness of spreads, and value correlation throughout spot markets are extremely indicative of a market resilient to fraud and manipulation.” 

This strategic transfer mirrored a broader business pattern, with main monetary gamers like Constancy and BlackRock additionally pushing for Ethereum ETFs to be established.

The growing optimism 

As per Bloomberg, the Customary Chartered had additionally predicted,

“Ethereum’s value will surge to $4,000 pending SEC approval in Might.”

The optimism round Ethereum ETFs was additionally mirrored within the sentiments of business leaders like Grayscale’s Sonneshein who confidently anticipates the greenlighting of such monetary merchandise in 2024. 

Moreover, ETF skilled James Seyffart echoes this sentiment, anticipating an ETF product to obtain approval this yr.

Therefore, market analysts and monetary leaders’ consensus displays rising confidence in cryptocurrency’s integration into mainstream investments.