There is a lot of talk in the cryptocurrency market about how soon an Ethereum spot ETF might be approved in the US. This could cause the price of Ethereum to rise significantly.Mr. Nate Geraci, head of The ETF Store, talked about when the first spot Ethereum ETF is likely to go public. Bloomberg estimates say the launch will happen in the middle of July, according to Geraci.
He laid out the steps in a social media post that asked, “Wen spot eth ETF? Going with BBG until mid-July. S-1s with changes are due July 8th. Possible last S-1s by July 12th. It’s possible that this would mean the start week of July 15th.
Ethereum ETF Approval Imminent
A lot of people agree with this. On July 2, Steve Kurz, head of asset management at Galaxy Digital, told Bloomberg that the U.S. Securities and Exchange Commission (SEC) might allow a spot Ethereum ETF before the end of the month.
Kurz talked about the a lot of work that had already been done with the SEC and compared it to Galaxy’s current spot Bitcoin ETF (BTCO), which was made with Invesco. “We know the rules, we know how things work…” I’m sure the SEC is involved, he said.
Eric Balchunas, an expert for Bloomberg ETFs, agreed with the mid-July predictions as well. He talked about how the SEC recently told Ethereum ETF producers that they needed to make changes to their S-1 registration forms by July 8, which could mean more changes. Balchunas said that the SEC had agreed to changes to rule 19-b4 in May, which would make it easier for these funds to be listed and traded, but that final approvals were still not in yet.
The price of Ethereum seems to be stable because people are looking forward to these decisions. Concerning Ethereum’s current price trend, crypto analyst IncomeSharks expressed hope for a short-term breakout, saying, “ETH – Getting more hopeful about a Q3 breakout. Like the chances of a run to $4,000 this month or next. His research shows that the price of ETH needs to stay between $3,300 and $3,350 in order to rise to $4,000.
Cold Blooded Shiller agreed with this view and said that Ethereum needed to show progress at its current price levels, specifically around the $3,400 mark, as a key sign for a possible high-time-frame impulse. “ETH is still in a good place, but it needs to start moving forward quickly. “I’ll probably try to catch any HTF impulse away from the consolidation around the $3400 low where LTF divergences are present,” he said.
Analyst Jelle (@CryptoJelleNL) added some historical context by saying that the current market phase is similar to Ethereum’s long consolidation in 2016 and 2017 before its huge rise. He encouraged people to stay positive and persistent. “In 2016 and 2017, ETH went down for more than 50 weeks before going up by almost 12000%.” People are giving up now after less than 20 weeks, even though ETH ETFs are coming soon. Follow the plan, guys. He said, “The best is yet to come.”
The crypto community is waiting for the SEC’s decision, and many think it will have a major effect on the price of Ethereum in the coming months.
