ETH price surged 5% to over $3,300, driven by speculation of imminent ETF approval.
Market optimism has pushed ETH’s market cap to $403.36 billion, a 4.98% increase in 24 hours.
Analysts predict the ETF launch will be a major catalyst, potentially boosting ETH gains by up to 200%.
Ethereum’s price has surged more than 5%, breaking the $3,300 mark, as the market anticipates potential approval of a spot Ethereum exchange-traded fund (ETF).
CoinMarketCap data highlights this spike, reflecting the heightened excitement among traders and investors. All eyes are on the U.S. Securities and Exchange Commission (SEC) for their imminent decision on this pivotal matter.
As the SEC’s decision on spot Ethereum ETFs looms, the financial world is buzzing with anticipation. Experts predict a verdict could arrive as early as this week, with optimism running high among industry professionals.
Nate Geraci, president of the ETF Store, expressed confidence that the SEC will approve the S-1 filings this week after numerous delays since their initial acceptance in May. He asserts that issuers are ready for launch, with recent filings needing only minimal adjustments, leaving no room for further postponement.
Welcome to spot eth ETF approval week…I’m calling it.Don’t know anything specific, just can’t come up w/ good reason for any further delay at this point.Issuers ready for launch.
— Nate Geraci (@NateGeraci) July 14, 2024
Echoing this sentiment, Eric Balchunas, Bloomberg’s senior ETF analyst, voiced frustration over the prolonged review by the U.S. financial regulator. Adding to the intrigue, crypto analyst DarkCryptoLord estimates a 72.7% chance of SEC approval for a spot ETH ETF within the week. Traders eagerly watch and anticipate that such approval could be a powerful catalyst for Ethereum’s price to surge.
ETH Price Action: Bulls Take the Reins
Ethereum has displayed a strong bullish trend in the past week, with the token’s price consistently breaking previous highs. This bullish momentum has resulted in a 15% increase from its weekly low of $2,911. At the time of writing, ETH was trading at $3,354.08.
Source: CoinMarketCap
This positive market sentiment, driven by speculation surrounding the U.S. spot Ether ETF, has also boosted Ethereum’s market capitalization, now at $403.22 billion—a 5% increase in the last 24 hours. Ethereum’s 24-hour trading volume also surged by 26.15% to $12.36 billion, indicating heightened investor interest and activity.
Data from Santiment further reveals that Ethereum’s supply on exchanges reached its highest level in 2024. This suggests that Ethereum holders anticipate a price rally and are prepared to take profits. According to Santiment, 19.23 million Ether are currently held in exchange wallets.
What’s Next for ETH: Bullish Sentiment Grows
As anticipation for the ETF approval intensifies, market analysts and traders are crafting their strategies. X user BitcoinHabebe recommends accumulating ETH longs within the $2,700-$3,100 range, employing low leverage to capitalize on price fluctuations. This bullish outlook on Ethereum draws parallels to Bitcoin’s price action before its significant surge.
Slowly accumulate $ETH Longs from 2700$-3100$ use low leverage to be able to accumulate slowly when price fluctuates. I am very bullish on Ethereum. Chart is similar to Bitcoin before having its massive run. I am longing with 3-10x leverage max.I posted this on my… pic.twitter.com/3vdpMJM5bz
— BitcoinHabebe (@Bitcoinhabebe) July 12, 2024
Yet another analyst notes that should the Ether ETF attract significant interest from institutional investors, akin to Bitcoin’s experience, Ethereum could potentially see gains of up to 200%.
This optimism also extends to related altcoins, staking tokens, and Layer 2 scaling assets, which may benefit from Ethereum’s upward momentum. Historical patterns from Bitcoin’s post-ETF approval period suggest that Ethereum-related assets could similarly experience substantial growth.
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