Ethereum experienced a major sell-off last week that sent the price below $2,900.

This negative trend continued over the past week, with Ethereum falling from a high of $3,887 to a low of $3,000, recording a loss of 16.9%.

Despite the current stagnation in Ethereum’s price, the increase in staking indicates that users are confident in Ethereum’s long-term potential.

Future Outlook and ETF Launches

According to a report from Bloomberg, several applicants are expected to file amended S-1 forms before July 8.

This could lead to the US Securities and Exchange Commission (SEC) approving the launch of Ethereum-based exchange-traded funds (ETFs) by mid-July.

This optimism reflects asset managers’ expectations that the SEC will approve these funds soon, which could happen in the week following July 8.

Ethereum ETFs are facing some hurdles, with the SEC telling applicants they have until July 8 to file updated paperwork, potentially triggering another round of filings after that date. Experts like Eric Balchunas point out that there are unnecessary delays on the part of the SEC.

In May, the SEC approved a proposal from exchanges to list these products, but separate approvals are still required before they can be launched.

Galaxy Digital’s head of asset management expects the spot ETFs to be approved within weeks, adding to the optimism that a final decision is expected in July.

Although Ethereum has underperformed Bitcoin for more than a year, Bitcoin has posted significant gains, supported by more than $14 billion in inflows into spot ETFs in 2024.

The expected launch of the ETFs could be a turning point for Ethereum’s price action.

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