As a researcher with a background in the crypto industry, I find the current developments surrounding the potential approval of a spot Ethereum ETF in the United States to be an exciting and potentially significant turning point. The optimistic outlook from key figures like Nate Geraci, Steve Kurz, Eric Balchunas, and IncomeSharks points towards a mid-July launch, which could trigger a notable price rally for Ethereum.
The cryptocurrency world is on the brink of a potentially major advancement as influential players in the field suggest that a spot Ethereum Exchange-Traded Fund (ETF) could soon be approved in the US, potentially leading to a substantial price increase for ETH. Nate Geraci, president of The ETF Store, has provided details regarding the anticipated timeline for the debut of this first-of-its-kind Ethereum ETF.
Based on Geraci’s explanation, Bloomberg’s predictions point to a mid-July launch for the ethereum ETF. He provided a step-by-step plan using X, mentioning, “When can we expect the ethereum ETF from Bloomberg? They are holding firm with mid-July. The amended S-1 forms are due on July 8th, and potential final S-1s could be submitted by July 12th. This would theoretically lead to a launch week starting around July 15th.”
Steve Kurz, the asset management chief at Galaxy Digital, told Bloomberg on July 2 that there’s a possibility the SEC could approve a spot Ethereum ETF by the end of the month.
Kurz highlighted the comprehensive preparation made in partnership with the SEC for the proposed Ethereum ETF, drawing similarities to Galaxy’s existing Bitcoin ETF (BTCO) from Invesco. He expressed assurance in their readiness, stating, “We are familiar with the infrastructure, we understand the procedures… The SEC is actively involved.”
Expert response:
Ethereum Price Holds Above Key Support
Ethereum prices seem to be finding stability as the expected approvals are approaching. IncomeSharks, a crypto analyst, expressed optimism about Ethereum’s price trend via X, suggesting a potential breakout towards $4,000 in Q3. For this to occur, ETH must maintain its position above the $3,300 to $3,350 range according to IncomeSharks’ chart.
In line with Cold Blooded Shiller’s perspective, it is essential for Ethereum to show signs of strength near its current pricing point, approximately $3,400, as a significant clue for an upcoming powerful uptrend.
“ETH currently holds a strong stance, but it’s crucial for it to gain some significant momentum soon. Divergences on the short-term chart around the $3400 support level are potential opportunities for me to attempt capturing any higher time frame surges away from the consolidation.”
Analyst Jelle (@CryptoJelleNL) drew parallels between the present market situation and Ethereum’s extended consolidation period from 2016 to 2017, encouraging patience and hopefulness: “During 2016-2017, Ethereum underwent a prolonged consolidation for more than 50 weeks before experiencing an astounding rally of approximately 12,000 percent. Presently, investors are losing faith after barely 20 weeks, with Ethereum ETFs on the horizon. Stay the course. The most remarkable gains lie ahead.”
At press time, ETH traded at $3,353.
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2024-07-03 13:16