Five-spot Ethereum ETFs will start trading on July 23, including VanEck, 21Shares, Invesco Galaxy, and Franklin Ethereum ETFs.
The Ethereum price stabilized above the $3,450 zone.
The Chicago Board Options Exchange (CBOE) recently announced that five new spot Ether ETFs will commence trading on July 23, following the SEC’s approval of rule changes on May 23. These ETFs, including top institutions like VanEck, 21Shares, Invesco Galaxy, Fidelity, and Franklin, are expected to draw significant attention from institutional investors, potentially driving up demand for Ethereum. However, the S-1 registration statements for each fund still require final SEC approval.
With Ethereum’s exchange reserves already at their lows, increased institutional demand could create a supply bottleneck. Historically, the approval of Bitcoin ETFs led to significant market movements. For instance, Bitcoin traded at $46,656 after its ETF approval, corrected to $39,900, and then surged to an all-time high of $73,750. Similarly, Ethereum could push its price beyond the $4,500 zone. Currently, Ethereum is trading at $3,489, reflecting a 2.51% intraday increase.
ETH Price Prediction Hints Potential Upswing
The recent data from Coinglass shows a substantial rise in Ethereum’s open interest, climbing from $12 billion to over $14.2 billion since July 9. This trend, connected with a recovery in ETH/USD following a market-wide downturn, suggests a potential upswing.
According to the ETH price prediction, the crypto indicates a possible move above $5,000, provided it remains above key support levels. A drop below $3,250 could invalidate this bullish pattern, leading to further declines.
Technical indicators also support this positive outlook. Ethereum’s price is trading above its 50-day and 200-day simple moving averages, suggesting an upward trend. The relative strength index (RSI) has recently touched the overbought zone and is currently at 58, indicating building bullish momentum.
As the launch of these new ETFs approaches, market optimism is high, with predictions of Ethereum reaching $4,500. Increased staking and positive sentiment are fueling this bullish outlook, making the upcoming week a pivotal moment for the Ethereum market.
