The Spot Ethereum ETFs might begin trading next week according to a Bloomberg ETF analyst.
The ETF launch is expected to fuel a price rally in Ethereum.
The crypto market welcomed the update that spot Ethereum ETFs will be launched next week on July 23. Several sources including Reuters have confirmed that the SEC might allow trading of the ETFs next Tuesday. This recent update has caused a positive price rally in Ethereum as it regains its levels at $3.4K.
Notably, Bloomberg’s senior ETF analyst, Eric Balchunas posted on his X account, confirming the speculations and stating “23/7” as the day for the ETFs to begin trading. He said the Commission will mostly allow the ETFs to trade on Tuesday and expects no issues to interrupt this schedule.
Moreover, the SEC has asked the issuers such as BlackRock and VanEck to return their final S-1 filings by Wednesday. Once they approve it, the regulator will request effectiveness on Monday from the issuers before commencing trading the next day. Apart from market sources, insiders from two issuers have also confirmed the update.
The Spot Ethereum ETFs were approved by the SEC on May 27 and were expected to begin trading in the coming weeks. However, with several delays, the digital assets have finally approached their trading launch. During the past month, several market experts and analysts stated that the ETFs might take months to begin trading.
Will the Spot ETFs Launch Fuel New Highs in Ethereum Price?
In the last 24 hours, with the Spot ETFs update, Ethereum price has sparked bullish candles. With the recent price dip pulling the prices down to the $2K level, the token broke resistance at $3,400 in the past day. It recorded a daily price increase of 2.50% and its trading volume increased by 49.77%. At the time of writing, Ethereum was trading at $3,428 according to CMC data.
Moreover, the token has seen a change in market sentiment with increased inflows. According to TradingView data, the token’s RSI stands at 57.35 indicating the buying sentiment. Moreover, in terms of liquidations, Ethereum recorded $35.24 million in the past day as per Coinglass reports.
Additionally, market analysts have stated that the ETF launch will trigger new yearly and all-time highs in the token. In the case of a bull run, Ethereum is predicted to break its resistance level at the $4K level.
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