SEC Approves Ethereum ETF: Trading to Begin on July 23

The Securities and Exchange Commission (SEC) has approved spot Ethereum (ETH) exchange-traded funds (ETFs), allowing them to begin trading next Tuesday.

This development could lead to increased adoption of ETH.

Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, confirmed the news on social media, noting that the SEC has instructed issuers to finalize their S-1 documents by Wednesday, with trading set to commence on July 23.

The introduction of spot ether ETFs is expected to attract substantial investment.

Crypto exchange Gemini predicts inflows of up to $5 billion within the first six months, while Steno Research forecasts potential inflows of up to $20 billion within the first year.

Major issuers like VanEck and Invesco Galaxy are preparing to launch their ETFs next week. Market analysts are optimistic, projecting significant investment inflows.

Expert Opinions

Nate Geraci, a crypto asset expert, noted that institutional investors and financial advisors are increasingly interested in crypto assets.

Crypto expert Michaël van de Poppe highlighted that Ethereum has recently outperformed Bitcoin and suggested the ETF launch could enhance Ethereum's market dominance.

ETH Price Movement

Following the news, Ethereum’s price rose by 7.3% on Monday, surpassing Bitcoin's 6% gain.

Ethereum is exhibiting bullish trends above its 50-day and 200-day EMAs.

If it breaks above the $3,471 resistance, it could reach $3,835. Conversely, dropping below the 50-day EMA might target $3,244.

The RSI at 59.75 suggests a rise to $3,835 before becoming overbought.

The approval of ETH ETFs marks a significant milestone for the crypto market, potentially driving increased institutional investment and market stability.

Last week, an Ethereum whale purchased 10,545 ETH worth $33.29M, creating positive market sentiment. Currently, ETH is trading at $3,487.

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