Ethereum is currently hovering just below the $3,540 pivot point and is trading at $3,536. Bloomberg ETF analyst Eric Balchunas raised eyebrows with his prediction that a spot Ethereum ETF could begin trading as early as July 2.
This unexpected acceleration comes after reports that SEC staff had provided S-1 responses to ETF issuers, with Balchunas describing the comments as "fairly minor" and "without significant issues."
Balchunas believes the SEC could finally approve the ETFs before the Independence Day holiday, well ahead of the September timeline SEC Chairman Gary Gensler previously indicated.
The approval of a spot Ethereum ETF came as a surprise to many in May, as the SEC has historically been opposed to such products. However, with the first hurdle of 19b-4 filings cleared, issuers are now awaiting approval of their S-1 registration statements so that trading can begin.
The prospect of these ETFs listing has fueled optimism among investors, with some predicting a sharp rise in the price of Ethereum. Some analysts even foresee ETH potentially reaching all-time highs of $5,000-$10,000 this summer.
key point:
A spot Ethereum ETF could launch as early as July 2.
The SEC’s feedback on the Form S-1 was described as “fairly minor” and “without significant issues.”
Approval may be completed before the Independence Day holiday.
Analysts predict that Ethereum prices could surge following the listing of the ETF.
However, it is important to note that not everyone shares the same confidence. Some experts believe that spot Ethereum ETFs will not attract as much inflows on day one as spot Bitcoin ETFs due to the complexity of Ethereum’s diverse use cases.
Despite the uncertainty, the potential listing of a spot Ethereum ETF marks an important development for the cryptocurrency market. Investors should pay close attention to developments as it could have a profound impact on Ethereum’s price action.
Ethereum Price Prediction
Ethereum is currently trading at around $3,536, just below the $3,540 pivot point, hinting at a bullish price prediction. The cryptocurrency faces immediate resistance at the descending trendline (around $3,580) and the 50-day exponential moving average (EMA) at $3,581, followed by $3,674 and $3,723.
On the downside, immediate support is at $3,480, followed by $3,400 and $3,300.
The relative strength index (RSI) currently stands at 51, indicating neutral market sentiment. However, the downtrend line and the 50-day exponential moving average (EMA) act as resistance, suggesting a cautious outlook.
If ETH can break above these resistance levels, it could potentially open up further upside. Conversely, a failure to break out could result in the price testing support again.
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Original article: https://cn.cryptonews.com/news/ethereum-price-prediction-as-bloomberg-analyst-expects-s-1-approval-by-july-2nd-will-eth-rally.htm
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