Matrixport has signaled a strong likelihood that the U.S. Securities and Exchange Commission (SEC) will approve spot Ethereum ETFs this week. The firm expects a rapid approval process, similar to previous instances, citing the swift approval of 19-b filings in May.
Major players like BlackRock, Fidelity, Grayscale, and others are ready to submit S-1 filings to the SEC, anticipating that the launch of these ETFs could potentially double the price of ETH.
The SEC briefly delayed the Ethereum ETF launch to make some revisions, with a deadline for amended S-1 filings set for July 8. Nate Geraci, President of ETFstore, noted that the last round required only minor adjustments, suggesting that ETFs could begin trading within two weeks of approval. Bloomberg experts believe the SEC might allow Ethereum ETFs as early as July 15.
Matrixport forecasts a significant price recovery for Ethereum, potentially reaching $3,400 following SEC approval. This prediction is based on historical price movements, pointing to a previous 20% rally post-approval of 19-b filings. The firm expects renewed investor confidence and increased market activity upon the ETF launch.
In the midst of a bear market, asset management firm Bernstein has set a long-term price target of $6,600 for Ethereum. Their bullish outlook hinges on post-ETF approval, drawing parallels with historical instances where Bitcoin surged after similar regulatory approvals.
Bernstein anticipates a significant increase in Ethereum’s value as institutional interest and market sentiment align with ETF developments.
As of the latest update, Ethereum has experienced a 2% price increase, trading around $3,068. The cryptocurrency’s trading volume has surged by 57% in the last 24 hours, indicating heightened trader interest and speculative activity surrounding upcoming regulatory decisions and market expectations.
For now, important levels to monitor are the support at $2,900 and the resistance at $3,100. A breach above $3,100 could signal a robust recovery, while failing to hold $2,900 may lead to further downside movements.
The Stakes Are High!
The crypto market eagerly awaits the ETH ETF approval, which could provide a significant push to overcome the current bearish trends. However, any delay could negatively impact the market, potentially diminishing buyer interest. What do you think will happen next?
Read Also: Optimism Grows as Spot Ether ETFs Near U.S. Launch
What’s your price prediction for Ethereum after the ETF launch? Let us know.
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