Experts Eye Spot Ethereum ETF Launch By Mid-July, Predict Price Rally
July 03 2024 - 5:30AM
NEWSBTC
The crypto industry is on the verge of a potentially significant
development as key figures in the sector hint at the imminent
approval of a spot Ethereum ETF in the United States, possibly
triggering a notable price rally for ETH. Nate Geraci, president of
The ETF Store, shared insights into the expected timeline for the
launch of the first spot Ethereum ETF. According to Geraci, current
forecasts by Bloomberg predict a mid-July launch. He detailed the
procedural timeline via X, stating, “Wen spot eth ETF? BBG sticking
w/ mid-July. Amended S-1s due July 8th. Potential final S-1s by
July 12th. Would theoretically mean launch week of July 15th.” In
parallel, Steve Kurz, head of asset management at Galaxy Digital,
confirmed to Bloomberg on July 2 that the U.S. Securities and
Exchange Commission (SEC) might greenlight a spot Ethereum ETF
before the month’s end. Related Reading: ETH Price Dips As Ethereum
ETF Approval Faces Delay Kurz emphasized the extensive groundwork
laid in collaboration with the SEC, drawing parallels between the
proposed Ethereum ETF and Galaxy’s existing spot Bitcoin ETF
(BTCO), created with Invesco. Kurz expressed confidence in their
preparedness, remarking, “We know the plumbing, we know the
process… The SEC is engaged.” Bloomberg ETF analyst Eric Balchunas
also chimed in, aligning with the mid-July expectations. He
highlighted the SEC’s recent instructions to Ethereum ETF issuers
for amending their S-1 registration forms by July 8, suggesting
possible further amendments. Notably, the SEC approved rule changes
under 19-b4 in May, facilitating the listing and trading of such
funds, though the issuance of funds remained pending final
approvals. Ethereum Price Holds Above Key Support The anticipation
of these approvals appears to be having a stabilizing effect on
Ethereum prices. Crypto analyst IncomeSharks, commenting on
Ethereum’s current price trajectory via X, noted optimism for a
near-term breakout, stating, “ETH – Looking more optimistic for a
Q3 breakout. Liking the chances of a run towards $4,000 this or
next month.” According to the chart shared by him, ETH price needs
to hold the region of $3,300 to $3,350 in order to rally to $4,000.
Supporting this sentiment, Cold Blooded Shiller highlighted the
crucial need for Ethereum to demonstrate momentum at the current
price levels, specifically around the $3,400 mark, as a key
indicator for a potential high-time-frame impulse. Related Reading:
Ethereum Suffers 3rd Straight Weekly Outflows, Becomes 2024’s Worst
Performer “ETH is still in a fine position but it really needs to
start showing some momentum soon. LTF divergences around this $3400
low are probably where I take one stab at trying to capture any HTF
impulse away from the consolidation,” he remarked via X. Adding
historical perspective, analyst Jelle (@CryptoJelleNL) compared the
current market phase to Ethereum’s long consolidation in 2016-2017
before its massive rally, urging persistence and optimism: “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
boys. The best is yet to come.” At press time, ETH traded at
$3,353. Featured image created with DALL·E, chart from
TradingView.com
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