Matrixport Forecasts Ethereum Price to Double Amid Anticipated ETF Approval This Week
Matrixport has expressed confidence in the U.S. Securities and Exchange Commission (SEC) approving spot Ethereum exchange-traded funds (ETFs) this week. The firm believes that the approval process will be swift, similar to the quick approval of 19-b filings in May. Matrixport highlights that major issuers like BlackRock, Fidelity, and Grayscale are preparing to submit S-1 filings to the SEC, with the launch of ETFs expected to drive the price of ETH up to double its current value.
Insight on the Expected Delay
Matrixport reveals that the SEC temporarily delayed the launch of the Ethereum ETF for revisions, with amended S-1 filings due on July 8. ETFstore President Nate Geraci suggests that ETFs could start trading within the next two weeks after receiving approval, as minimal revisions were required in the last round. However, Bloomberg experts predict that the SEC may allow Ethereum ETFs on July 15.
Potential Impact on ETH Price
Matrixport forecasts that Ethereum’s price could rebound significantly to reach $3,400 following SEC approval. The firm bases this prediction on historical price movements, noting that Ethereum experienced a 20% rally after the approval of 19-b filings. This projection reflects the expectation of renewed investor confidence and increased market activity once ETFs are launched.
Bernstein’s Long-Term Price Target
Despite 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 expectation that Ethereum’s value will surge after ETF approval, drawing parallels to Bitcoin’s price increase after regulatory approvals. Bernstein also anticipates a rise in institutional interest and positive market sentiment aligning with ETF developments.
Current Market Snapshot
As of the latest update, Ethereum’s price has increased by 2% and is trading around $3,068. The trading volume of the cryptocurrency has surged by 57% in the past 24 hours, indicating heightened trader interest and speculation surrounding upcoming regulatory decisions and market expectations.
Key levels to monitor are support at $2,900 and resistance at $3,100. A breach above $3,100 could indicate a strong recovery, while a failure to hold $2,900 may result in further downward movements.
The ETH ETF carries significant importance for the entire crypto market, as it is seen as a catalyst for overcoming the market’s downturn. However, any delay in approval could negatively impact the market by diminishing buyer interest.