Benzinga - Coinbase Global, Inc. (NASDAQ:COIN) shares are trading lower Monday after the price of Bitcoin fell below $62,000.
The Details:
Bitcoin is down by nearly 5% over the past 24 hours, and Coinbase shares are moving lower as bitcoin retreats.
Investors are looking to the possible approval of a spot Ethereum (CRYPTO: ETH) ETF as the next potential cryptocurrency catalyst. Analysts are divided on the potential benefits of a spot Ethereum ETF. Some experts are predicting a drop in price following an ETF approval, while asset management firm VanEck projects that spot Ether ETFs could drive Ether to $22,000 by 2030.
Nate Geraci, president of The ETF Institute, predicted in a post on X that spot Ether ETFs would be approved soon.
“I'm deciphering this as spot ETH ETFs will be approved this week…Just me tho,” Geraci posted.
The first spot bitcoin ETFs were approved in January and the price of Bitcoin has risen more than 40% since then.
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Will COIN Stock Go Up?
When trying to assess whether or not Coinbase Global will trade higher from current levels, it's a good idea to take a look at analyst forecasts.Wall Street analysts have an average 12-month price target of $248.17 on Coinbase. The Street high target is currently at $325 and the Street low target is $110. Of all the analysts covering Coinbase, 12 have positive ratings, 7 have neutral ratings and 4 have negative ratings.
In the last month, 2 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Coinbase have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Coinbase is 253.87% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Coinbase, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
COIN Price Action: According to Benzinga Pro, Coinbase Global shares are down 4.58% at $215.51 at the time of publication Monday.
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