US Nears Approval of Potentially Groundbreaking Ethereum ETF

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The rumble of change is resonating through the crypto industry. Unconfirmed whispers suggest that a landmark development is at the precipice of coming to light. Those in the know hint that the United States could give the nod to a spot Ethereum ETF imminently, igniting a significant price surge for ETH.

Some industry leaders have provided insight into their timeline anticipation for the launch of the first spot Ethereum ETF. Among them is Nate Geraci, President of The ETF Store, who has methodically outlined the procedural timetable for the product’s launch. If current forecasts by Bloomberg hold true, the world could witness the launch of the first spot Ethereum ETF as early as mid-July.

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As this dynamic unfolds, Steve Kurz, the Head of Asset Management at Galaxy Digital, has infused optimism into the market. In a discourse with Bloomberg on July 2, Kurz affirmed the possibility of the U.S. Securities and Exchange Commission (SEC) giving the green light to a spot Ethereum ETF within the month.

As further testament to the strides made, Kurz shed light on the vigorous groundwork Galaxy Digital has forged in harmony with the SEC. He compared the proposed Ethereum ETF to Galaxy’s current spot Bitcoin ETF (BTCO), molded in collaboration with Invesco, expressing unwavering confidence in their readiness. He reinforced, “We know the plumbing, we know the process… The SEC is engaged.”

Echoing these sentiments, Bloomberg ETF analyst Eric Balchunas reiterated the rumored mid-July expectations. He threw a spotlight on the recent directive from the SEC to Ethereum ETF issuers to amend their S-1 registration forms by July 8, teasing the likelihood of additional amendments to come. It is noteworthy that the SEC had paved the way in May, with the approval of rule changes under 19-b4. This move had set the stage for the listing and trading of such funds, although final official approvals are still on the horizon.

All the buzz around these approvals appears to have a calming effect on Ethereum prices. A noted Crypto analyst, cryptically named IncomeSharks, projected a near-term breakout, suggesting an upward climb for Ethereum towards the $4000 mark, either this month or the next. He pinpointed that the key to this ascent would rely on Ethereum’s ability to maintain the $3300 to $3350 price range.

Supporting this perspective, Cold Blooded Shiller underscored the urgency for Ethereum to muster momentum at its current price levels, especially at the crucial $3400 mark, as a determiner of a likely high-time-frame impulse.

Another analyst, known as Jelle (@CryptoJelleNL), added a bit of historical flavor to the scene. He likened the current market phase to Ethereum’s long consolidation stretch from 2016 to 2017, which preceded a monumental rally. He encouraged patience and a positive outlook: “In 2016-2017, ETH consolidated for 50+ weeks before rallying nearly 12000 percent. Today, people are giving up after less than 20 weeks, with ETH ETFs right around the corner. Stick to the plan. The best is yet to come.”

As of press time, ETH is trading at $3353, holding firm above the 0.618 Fib, on the one-week chart. With much potential spilling over into the weeks ahead, both the industry insiders and the market stand ready to navigate a transformative juncture for Ethereum.