Ethereum Surpasses $3.3K Amid Analyst Predictions of ETF Approvals This Week
The value of Ether has surpassed $3,300 on the back of expectations surrounding the potential launch of spot ETH exchange-traded funds (ETFs) by the end of this week.
Currently trading at $3,331, Ether (ETH $3,361) has experienced a 16% surge from $2,909 in the past week, according to TradingView data.
Nate Geraci, an ETF analyst and president of The ETF Store, shared his prediction on the imminent introduction of eight spot ETH ETFs by the week’s end. In a post on July 14, Geraci expressed his anticipation for the approval of spot ETH ETFs without foreseeing any significant delays.
Similarly, an anonymous source familiar with the matter disclosed to Cointelegraph on July 12 that the launch of spot ETH funds is anticipated by the end of this week. Various issuers, including VanEck and 21Shares, revised their registrations last week in anticipation of obtaining the SEC’s final approval to list spot Ether ETFs.
Market analysts believe that the introduction of these ETFs could serve as a significant catalyst for Ether’s price in the upcoming months. Tom Dunleavy, a managing partner at crypto investment firm MV Global, projects that these funds could attract up to $10 billion in new investments post-launch, potentially propelling Ether prices to record highs by year-end.
Contrary to prevailing sentiment among ETF analysts, Dunleavy believes that Ether ETFs will have an easier time gaining acceptance on Wall Street compared to Bitcoin ETFs. He explained that Ether’s tangible cash flows make it more comprehensible to traditional investors, likening it to a tech stock, the crypto app store, or an internet bond.
Dunleavy emphasized that financial advisors would find it simpler to promote Ether as an investment asset compared to ‘digital gold.’ He also suggested that Ether’s price performance, which has lagged behind Bitcoin for the past 18 months, could experience a swift recovery following the ETFs’ launch.
Overall, the anticipation surrounding the potential launch of spot ETH ETFs has generated significant optimism among market participants, with many eyeing these developments as a crucial factor influencing Ether’s trajectory in the near future.
