The U.S. Securities and Exchange Commission (SEC) is moving forward with the expected approval process for listing and trading of spot Ethereum ETFs. While Matrixport is making updates this week that the SEC may approve Ethereum ETFs, investors are following this development closely.
When Could Ethereum ETF Approval Come?
According to Matrixport's update on July 8, it is stated that the SEC may approve Ethereum ETFs within this week. If approval occurs, an exchange-traded fund (ETF) tracking the spot price of Ethereum will be launched in the United States. Matrixport emphasizes that the SEC tends to evaluate spot Ethereum ETF applications quickly, and this process could proceed like similar rapid transactions in May.
The SEC is known to respond quickly to previous 19b-4 filings. This time, applications are thought to be delayed due to the July 4 holiday and long weekend. However, ETFstore President Nate Geraci noted that recent S-1 revisions indicate that Ethereum ETFs could begin trading in the near future.
Expected Impact on ETH Price
Matrixport predicts that the Ethereum price could rise as high as $3,400 following SEC approval. The company predicts a 20% increase in ETH price once the SEC approves its 19b-4 filings, which translates into a sharp rise of around 12%. On the other hand, Bernstein analysts have pointed to $6,600 as a long-term target for ETH and think SEC approval could be a step towards that goal for Ethereum.
Crypto Market Prospects
If the SEC approves spot Ethereum ETFs in the coming week, it is expected that there will be significant movement in the cryptocurrency market. This approval could facilitate access to Ethereum, accelerating the entry of institutional investors into the market. The price increases predicted by Matrixport and Bernstein could create a positive atmosphere in the overall cryptocurrency market. However, it remains unclear how the SEC's final decision will take shape. With the completion of S-1 filings on Monday, clearer information about the SEC's upcoming decisions may emerge.
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