Matrixport Anticipates Rapid SEC Approval for Ethereum ETFs in the Upcoming Week
Matrixport has expressed confidence in the U.S. Securities and Exchange Commission (SEC) approving spot Ethereum exchange-traded funds (ETFs) this week. The company expects a swift approval process similar to previous instances, noting the quick approval of 19-b filings in May. Matrixport points out that issuers like BlackRock, Fidelity, Grayscale, and others are ready to submit S-1 filings to the SEC, anticipating that the launch of ETFs could potentially double the current price of ETH.
Insight on the Expected Delay
Matrixport reveals that the SEC briefly postponed the launch of the Ethereum ETF for revisions and set the deadline for amended S-1 filings on July 8. Nate Geraci, the President of ETFstore, commented on the minor revisions required in the last round, suggesting that ETFs could start trading within the next two weeks after approval. However, Bloomberg experts believe that the SEC may permit Ethereum ETFs on July 15.
Potential Impact on ETH Price
Matrixport predicts that the price of Ethereum could make a significant recovery and reach $3,400 following SEC approval. The company bases this forecast on historical price movements, highlighting Ethereum’s previous 20% surge after the approval of 19-b filings. This projection emphasizes the expectation of renewed investor confidence and increased market activity upon the launch of ETFs.
Bernstein’s Long-Term Price Target
In the bear market, asset management firm Bernstein has set a long-term price target of $6,600 for Ethereum. The bullish outlook is supported by the post-ETF approval scenario, drawing on historical references where Bitcoin experienced a surge after regulatory approvals. Bernstein also anticipates a potential increase in Ethereum’s value as institutional interest and market sentiment align with ETF developments.
Current Market Snapshot
As of the latest update, Ethereum has witnessed a 2% price increase and is trading around $3,068. The cryptocurrency’s trading volume has risen by 57% in the last 24 hours, indicating heightened trader interest and speculative activity surrounding upcoming regulatory decisions and market expectations. Key levels to watch are support at $2,900 and resistance at $3,100. A breach above $3,100 could signify a strong recovery, while a failure to hold $2,900 may result in further downside movements.
The ETH ETF holds significant importance for the entire crypto market, as it seeks a substantial push to overcome the downside. However, a delay in approval can have a negative impact on the market, dampening buyer interest. What are your thoughts on this matter?