Ethereum
Experts predict Ethereum ETF launch by mid-July, price surge
The crypto industry is on the verge of a potentially significant development as key industry figures hint at the imminent approval of a spot Ethereum ETF in the United States, possibly triggering a notable surge in ETH prices.
Nate Geraci, President of The ETF Store, shared his thoughts on the expected timeline for the launch of the first spot Ethereum ETF.
According to Geraci, Bloomberg’s current forecast is for a launch in mid-July. He detailed the timeline for the procedure via X, declarant“Wen spotted the ETH ETF? BBG is sticking to mid-July. Amended S-1s are due July 8. Potential final S-1s are due by July 12. That would theoretically mean a launch the week of July 15.”
In parallel, Steve Kurz, head of asset management at Galaxy Digital, confirmed On July 2, Bloomberg reported that the U.S. Securities and Exchange Commission (SEC) could greenlight a spot Ethereum ETF before the end of the month.
Kurz highlighted the extensive preparatory work done in collaboration with the SEC, drawing parallels between the proposed Ethereum ETF and Galaxy’s existing Bitcoin spot ETF (BTCO), created with Invesco. Kurz expressed confidence in their preparation, noting, “We know the plumbing, we know the process… The SEC is engaged.”
Bloomberg ETF analyst Eric Balchunas also echoed the mid-July expectations. Underlines the SEC’s recent guidance to Ethereum ETF issuers to amend their S-1 registration forms by July 8, suggesting possible additional changes. Notably, the SEC approved rule changes under the 19-b4 law in May, making it easier to list and trade such funds, although the fund issuance remains pending final approvals.
Ethereum Price Holds Above Key Support
The anticipation of these approvals appears to be having a stabilizing effect on Ethereum prices. Crypto analyst IncomeSharks, commenting on Ethereum’s current price trajectory via X, note optimism for a near-term breakout, stating: “ETH – I’m more optimistic for a breakout in Q3. I like the chances of a run to $4,000 this month or next month.” According to the chart he shared, ETH price needs to hold in the $3,300-$3,350 region to reach $4,000.
Supporting this sentiment, Cold Blooded Shiller highlighted the crucial need for Ethereum to demonstrate momentum at current price levels, particularly around the $3,400 mark, as a key indicator of a potential long-term push.
“ETH is still in a good position, but it really needs to start showing some momentum soon. The LTF divergences around that $3,400 low are probably where I’m looking to capture any HTF momentum away from the consolidation,” he said. REMARK by X.
Adding a historical perspective, analyst Jelle (@CryptoJelleNL) compared with the current market phase until Ethereum’s long consolidation in 2016-2017 before its mass gatheringurging persistence and optimism: “In 2016-2017, ETH consolidated for over 50 weeks before surging nearly 12,000%. Now, people are giving up after less than 20 weeks, as ETH ETFs are about to emerge. Stick to the plan, guys. The best is yet to come.”
At press time, ETH was trading at $3,353.
Featured image created with DALL·E, chart by TradingView.com