Ethereum
Ethereum ETF Approval Looming: Experts Predict July 4 Timeline
- Eric Balchunas, senior ETF analyst at Bloomberg, projects a potential approval timeline for the Ethereum spot ETF around July 4, 2024.
- Ethereum price chart forms a golden cross suggesting a likely move above $4,000. Above $4,000, FOMO could lead to a new all-time high at $5,000.
The potential approval of Spot Ethereum ETFs has become a hot topic in the crypto community, with industry experts weighing in on the timing of the decision by the United States Securities and Exchange Commission (SEC). Nate Geraci, host of the ETF Prime podcast, recently shared his thoughts, suggesting that S-1 approvals could come within weeks.
In an article on X, Geraci said: “When will the SEC approve spot eth ETF registration statements? No one knows for sure, but I expect it to be within the next few weeks. 2-3 months maximum. » He also noted that the approval process for Spot Ethereum ETFs could be accelerated due to the rapid approval of Bitcoin ETFs previously.
Furthermore, he argued that the SEC had already done much of the “heavy lifting” with the approval of Spot Bitcoin ETFs and Ethereum Futures ETFs, suggesting that it could now be “a question of how long the SEC wants to extend this.”
Meanwhile, Eric Balchunas, senior ETF analyst at Bloomberg, responded to Geraci’s post by proposing a potential timeline for approval of the Ether ETF S-1 around July 4, 2024. Balchunas commented: “July 4 seems like a good over/under. » Geraci agreed, adding, “I like it…I’ll take it, but the right deadline, IMO.”
It can therefore be inferred that S-1 approvals could take more than a month. While approval may not come as quickly as for Bitcoin ETFs, it is still relatively early given the ongoing debate over the status of Ethereum and other regulatory implications. Therefore, the chances of Spot Ethereum ETF trading commencing in the coming month remain low.
ETH Price Action Coming
Ethereum price prediction shows that Ether maintains its position above critical support levels on the daily chart, particularly between $3,600 and $3,800. The Moving Average Convergence Divergence (MACD) indicator supports a bullish outlook, increasing the likelihood of a move above $4,000.
A recently confirmed golden crossover, where the 20-day exponential moving average (EMA) crossed above the 50-day EMA, further signals an uptrend, making ETH a promising buy.
Some investors are likely waiting for further confirmation of a breakout. A daily close above $3,900 would support the uptrend and confirm the strong presence of the bulls in the market.
A further rise above $4,000 could trigger FOMO (fear of missing out) among investors, potentially pushing prices to a new high above $5,000.
However, a potential double top trend near $4,100 could push the ETH price below $4,000. If this level is successfully breached, a significant rally targeting $5,000 could follow.