Ethereum Reclaims $3,300 Amid ETF Launch Hype
15 Jul, 2024 ● Kripto novosti
The price of Ether has surpassed $3,300 amid expectations that spot ETH exchange-traded funds (ETFs) could launch by the end of this week.
Currently trading at $3,331, Ether has surged 16% from $2,909 over the past week, according to TradingView data.
Nate Geraci, ETF analyst and president of The ETF Store, shared on X his prediction that eight spot ETH ETFs would be launched by the end of the week.
“Welcome to spot ETH ETF approval week. Don’t know anything specific, just can’t come up [with] good reason for any further delay at this point,” Geraci posted on July 14.
In line with Geraci's prediction, an anonymous source close to the situation told Cointelegraph on July 12 that the spot ETH funds were expected to launch by the week's end.
Several issuers, including VanEck and 21Shares, filed amended registrations last week, hoping to receive the SEC’s final approval to begin listing spot Ether ETFs.
Many analysts view the launch of the ETFs as a significant catalyst for ETH's price in the coming months.
Tom Dunleavy, managing partner at crypto investment firm MV Global, told Cointelegraph that he expects the funds to attract up to $10 billion in new inflows in the months following their launch, potentially driving Ether prices to new all-time highs by year-end.
Contrary to the popular opinion among other ETF analysts, Dunleavy believes that Ether ETFs will be an “easier sell” to Wall Street compared to Bitcoin ETFs.
“We believe that there will be strong buy pressure with a much more clear narrative that traditional investors can understand. ETH has cashflows. It can be described as a tech stock, the app store of crypto, or an internet bond,” Dunleavy wrote in a Q2 investor note shared with Cointelegraph, and added:
“This is a much easier sell for financial advisors than ‘digital gold.’”
He also noted that ETH’s price action, which has lagged behind Bitcoin for the past 18 months, would quickly rebound following the launch of the funds.
Sources:
https://cointelegraph.com/news/ethereum-price-tops-3300-analysts-predict-eth-etf-approvals-this-week
https://www.tradingview.com/symbols/ETHUSD/?exchange=COINBASE
