$ETH Ethereum #ETF launch could push Ether to new all-time high, on one condition
• Ethereum analyst from venture capital firm says Spot Ethereum approval could come as early as this week, placing odds at 72.7%.
• A crypto analyst predicts 200% gains in Ether price, post the anticipated approval of the Spot ETF by the Securities & Exchange Commission.
• Ether sustains above $3,000 even as supply on exchanges surges to 2024 peak.
Ethereum (ETH) traders are watching two key events closely: the anticipated approval of the Spot Ether ETF and the activities of whales, the large wallet investors holding ETH.
An analyst has predicted that the odds of Spot Ether ETF is 72.7% this week.
Ethereum ETF launch, and on-chain activity
Analyst behind the X handle @DarkCryptoLord says that the odds of the SEC approving a Spot ETH ETF is 72.7% this week. ETH traders anticipate the ETF approval to act as a bullish catalyst for the altcoin’s price.
Eric Balchunas, Senior ETF analyst at Bloomberg shared his thoughts on the Ether ETF and said it remains unclear why the US financial regulator is taking so long.
Santiment data shows that Ethereum supply on exchanges has climbed to its highest level in 2024. It is likely that Ether holders anticipate a rally in ETH price and are waiting to take profits.
19.23 million Ether is being held in wallets across crypto exchanges per Santiment chart
