Approval of spot Ether exchange-traded funds (ETFs) in the United States could push the Ether price to $10,000.
According to Andrey Stoychev, Nexo's head of prime brokerage, the U.S. Securities and Exchange Commission (SEC) ETF approval process could take months, but the launch of these ETFs could result in a significant increase in the price of Ether.
Stoychev said in a statement to Cointelegraph:
"ETH ETFs in the US and similar products in Asia could help the asset reach $10,000 by the end of 2024 and match Bitcoin's post-ETF performance."
The expectation that the SEC will approve spot ETF applications increased the ETH price to $ 3,800.
This increase in Ether price comes after the SEC changed its stance on spot Ether ETFs, asking companies to update their 19b-4 filings.
Stoychev noted that it is still difficult to predict the timeline for a potential spot Ether ETF, but the SEC's latest move is a positive sign:
"This shift in perception towards Ethereum ETFs may indicate a similar shift in the SEC's stance. One speculative reason for this is the US presidential elections, where crypto users have the potential to be decisive in particularly hotly contested constituencies."
Ether ETF approval is thought to take until 2025. The SEC's deadline for VanEck's Ether ETF application is May 23. Senior Bloomberg ETF analyst Eric Balchunas increased the likelihood of this application being approved from 55 to 75 percent. However, this increased probability only relates to form 19b-4.
Bloomberg ETF analyst James Seyffart noted in a May 20 X post that Ether ETF issuers will also need to have their S-1 filings approved:
âWe also need S-1 approvals. It could be weeks or months before we see S-1 approvals and therefore a live ETH ETF⊠However, if we are right and we see these theoretical approvals within this week, that means S-1 approvals It should mean it's a matter of 'When' and not 'If'."
Yunus Ăzkaya, CEO and founder of the FreeBnk application, told Cointelegraph that the SEC will likely accept VanEck's application, but the approval of S-1 applications may be delayed until 2025:
âI don't expect anything to be tradable before 2025, including S-1 approval. But when that happens, it will have a really big positive impact on the market, even if S-1 approval takes more time. VanEck's 19b-4 latest "I expect them to approve the date by May 23."
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