Bloomberg Analyst Ethereum ETF Trading to Commence on July 2

Key Points of Interest
– Expected launch of Spot Ethereum ETFs on July 2nd, as indicated by Bloomberg analyst.
– Ethereum’s price facing challenges breaking through $3,550 resistance, potential drop to $3,250 if unsuccessful.
– VanEck predicts Ethereum to reach $22,000 by 2030, driven by projected $66 billion in free cashflows.
With the green light given to all eight Spot Ethereum ETFs, investors are eagerly anticipating the upcoming debut of these highly awaited financial instruments. Bloomberg ETF analyst Eric Balchunas has suggested that the launch date for these ETFs is likely to be on July 2nd.
Balchunas has shared insights into the recent developments at the SEC, indicating a positive outlook for the trading of ETFs.
SEC Approval Progress and Schedule
According to Eric Balchunas, the SEC has provided feedback on S-1 filings to ETF issuers, with a request for responses expected within a week. This signals a high probability of the SEC approving the ETFs in the near future.
However, the final approval of S-1 forms is required before trading can officially begin, despite the SEC already giving the green light to 19b-4 forms for eight Ethereum ETF issuers, including major players like BlackRock, Fidelity, and VanEck.
Recently, SEC Chair Gary Gensler has hinted at the potential approval of S1 forms for Ethereum ETFs during the summer, indicating a positive stance on crypto investment products during a Senate Appropriations Committee hearing.
Rising Institutional Interest
Leading asset manager VanEck has set an optimistic price target of $22,000 for Ethereum by 2030. This bullish projection is based on the expected generation of $66 billion in free cashflows by Ethereum in the next decade.
The launch of Spot Ethereum ETFs is anticipated to attract significant institutional investments, with estimates pointing to inflows ranging from $15 to $45 billion in the first year, as projected by Standard Chartered’s Geoff Kendrick.
In alignment with these predictions, Singapore-based crypto trading firm QCP Capital foresees a substantial price surge for Ethereum. The approval of Spot Ethereum ETFs could potentially lead to a 60% increase in ETH prices, similar to the market reaction seen after the approval of Spot Bitcoin ETFs earlier this year.
Challenges in Ethereum Price Performance
Despite the rosy long-term outlook for Ethereum, short-term price challenges persist, with the current price standing at $3,544. Failure to surpass critical resistance levels has left traders wary, with the price lingering below $3,550.
Analysts caution against potential downside risks if Ethereum fails to maintain support above $3,420, with further declines likely towards the $3,250 level.
Additional Reading:
Insights from a Crypto Trading Expert on Bitcoin and Ethereum Strategies
Tags: Ethereum ETF