Ethereum (ETH) fell from $3,500 to $3,000 two days after the launch of the ETH ETF in the US, down about 8%. At press time, it was slightly above $3,200.

However, many market analysts say that ETH’s price action after the ETF launch has repeated the pattern of Bitcoin after the launch of spot ETFs in the US in January. Moreover, if the correlation holds, ETH could fall to $2,700 in two weeks before rallying by 90%.

This meant that ETH could reach $6,500 by September. This is a rise of more than 90% in two months. Previously, BTC fell from $48,000 to $40,000 after the launch of the BTC ETF. Two months later, the largest digital asset rose to $73,000 in March.

Can ETH jump 90% and reach $6,500 in two months?

However, it is worth noting that correlation does not always equal causation. In other words, ETH mirroring BTC’s pattern after an ETF does not necessarily mean that the outcome will be the same.

However, as most analysts predicted, ETH could benefit from the expected Fed rate cut in September. This could boost all risk assets, including cryptocurrency.

Meanwhile, ETH has underperformed BTC in the debut week of spot ETF issuance, as evidenced by the ETHBTC ratio declining by more than 6% on a weekly adjusted basis at press time.