Crypto asset trading firm QCP Capital predicts a potential 60% rally in Ethereum price, pushing it to around $6,000 if a spot ETF is approved.

QCP analysts based their projections on the performance of the spot Bitcoin ETF numbers that were approved in January. According to crypto.news’s price page, Bitcoin (BTC) increased 66% from around $44,300 to peak at $73,700 in the two months following the approval.

The SEC is set to decide the fate of Ethereum ETF applications from VanEck and Ark Invest on Thursday and Friday, respectively. Other applicants, including Invesco, Fidelity, BlackRock, Grayscale, Franklin Templeton, and Bitwise, have made last-minute amendments to their filings this week.

“All eyes are on the ⁠ETH ETF deadline later today. With Friday implied volatility above 100%, the market is expecting fireworks,” the analysts wrote in the QCP Broadcast. “⁠VanEck’s ETF has been listed by the DTCC. We think an approval is now highly likely with trading expected as early as next week.”

QCP’s bullish outlook aligns with that of research firm Bernstein. The analysts noted earlier this week that given the sustained demand inflow seen by the Bitcoin ETFs post-approval, they would anticipate parallel price action for Ethereum (ETH).

“However, ETH free float and supply looks even more attractive than bitcoin…constrained by sticky investors and utility locking supply in financial smart contracts,” the Bernstein analysts commented.

According to CoinMarketCap, Ethereum’s price is up 28% for the week, and trading volume is up 17%. It currently sits just below $3,800.