Analysts Anticipate Ethereum ETFs to Receive Approval Potentially Triggering a 2x Price Surge
Matrixport, a leading cryptocurrency firm, has expressed confidence that the U.S. Securities and Exchange Commission (SEC) will approve spot Ethereum ETFs this week. The company believes that the approval process will be swift, similar to previous instances, citing the quick approval of 19-b filings in May.
Matrixport’s prediction is supported by major players in the industry, including BlackRock, Fidelity, and Grayscale, who are prepared to submit S-1 filings to the SEC. These companies anticipate that the launch of Ethereum ETFs could potentially double the price of ETH.
The launch of the Ethereum ETFs was briefly delayed by the SEC to allow for revisions. The deadline for amended S-1 filings is set for July 8. Nate Geraci, President of ETFstore, noted that the revisions required in the last round were minor, suggesting that ETFs could begin trading within two weeks of approval. Bloomberg experts believe that the SEC might allow Ethereum ETFs as early as July 15.
Matrixport predicts a significant price recovery for Ethereum, with a potential increase to $3,400 following SEC approval. This forecast is based on historical price movements, with a previous 20% rally seen after the approval of 19-b filings. The company expects renewed investor confidence and increased market activity once the ETFs are launched.
In addition to Matrixport’s prediction, asset management firm Bernstein has set a long-term price target of $6,600 for Ethereum. This bullish outlook is based on 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.
Currently, Ethereum has experienced a 2% price increase, trading around $3,068. The trading volume for the cryptocurrency has also surged by 57% in the last 24 hours, indicating increased trader interest and speculative activity surrounding upcoming regulatory decisions and market expectations.
The crypto market is eagerly awaiting the approval of the ETH ETFs, as it could provide a significant push to overcome the current bearish trends. However, any delay in approval could negatively impact the market, potentially diminishing buyer interest.