Will ETH Price Break the $5,000 Barrier?

• Some analysts and SEC sources have claimed that Ethereum ETFs could launch in July, leading to increased interest in Ether from traders who believe the ETF will provide a significant boost to its price.
• However, the SEC continues to drag its feet, with sources revealing over the weekend that the agency has returned S-1 forms to applicants, meaning there are at least two more steps to go.

When the Bitcoin ETF was launched earlier this year, most of the financial industry was taken aback, as Gary Gensler had been anti-crypto since he took over as SEC chairman. Since then, the market has been eagerly awaiting the next big thing: the Ethereum ETF. However, in a “watchful pot never boils” scenario, the Ethereum ETF was launched in 2015. SECOND continues to drag its feet, frustrating the cryptocurrency market, most of which believe the ETF will send Ether past the $5,000 barrier.

Ether is trading at $3,385, down slightly over the weekend and down 3% over the past week. Its losses have reached over 10% over the past month, but it is still up 48% year-to-date.

Ether technical indicators signal an imminent drop in its price. The 20-day and 50-day exponential moving averages are above $3,480; Whenever EMAs are above an asset’s price, it indicates that the asset is about to lose ground and plunge.

When is the Ethereum ETF?

Despite the bearish signals, an Ethereum ETF approval could wipe out any bearish momentum and set the top altcoin for a monster run. In recent days, analysts have pointed to potential approvals by early July, with some set for July 4, as seen by Crypto News Flash. reported.

However, after getting so close, these AND F now appear to be moving further away. The SEC’s latest move saw the agency return ten S-1 forms to applicants with mild comments, some agency sources said. revealedThe SEC then asked applicants to respond to comments and return the forms by July 8.

However, as sources revealed, this will not be the final step. The agency will need at least one more application from the candidates before it can give the final green light.

As one source noted, “this path never stops being winding.”

Another source gave a more optimistic translation, declaring:

Since the last round of S-1 revisions was so light, the SEC could contact issuers at any time to inquire about when the funds might launch. The launch timeline is unclear, but we reasonably expect it to be within the next 2-3 weeks.

Eric Balchunas, an ETF specialist at Bloomberg, corroborated these predictions, noting that the SEC is unlikely to make any progress in the first two weeks of July.

Gensler continues to claim that he is focused on protecting American investors and defending the agency’s position. At a recent event, he claimed that the ETF process was “running smoothly.” He further dismissed claims that he could cost his employer, Joe Biden, the election with his anti-crypto stance at a time when the Biden camp has fully embraced the industry.

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