Ethereum tops $3.3K as analysts tip ETF approvals this week
The price of Ether has topped $3,300 amid anticipation that spot ETH exchange-traded funds (ETFs) could launch as soon as the end of this week.
Ether is currently trading at $3,331 and has rallied 16% from a price of $2,909 in the last week, per TradingView data.
Nate Geraci, ETF analyst and president of The ETF Store, took to X with his forecast that the roster of eight spot ETH ETFs would be launched by the end of this week.
“Welcome to spot ETH ETF approval week. Don’t know anything specific, just can’t come up [with] good reason for any further delay at this point,” wrote Geraci in a July 14 X post.
In line with Geraci, an anonymous source close to the proceedings told Cointelegraph on July 12 that the spot ETH funds were expected to launch by the end of this week.
Several issuers — including VanEck and 21Shares — filed amended registrations last week in hopes of receiving the SEC’s final signoff to begin listing spot Ether ETFs.
Many analysts tip the launch of the ETFs as a major catalyst for the price of ETH in the coming months.
Tom Dunleavy, a managing partner at crypto investment firm MV Global, told Cointelegraph that he expects the funds to attract up to $10 billion in new inflows in the months following their launch, something that will see Ether prices surge to new all-time highs by the end of this year.
Dunleavy also said, contrary to popular opinion among other ETF analysts, that Ether ETFs would be an “easier sell” to Wall Street compared to Bitcoin ETFs.
“We believe that there will be strong buy pressure with a much more clear narrative that traditional investors can understand. ETH has cashflows. It can be described as a tech stock, the app store of crypto, or an internet bond,” Dunleavy wrote in a Q2 investor note aeby Cointelegraph.
“This is a much easier sell for financial advisors than ‘digital gold.’”
He added that ETH’s price action — which has lagged relative to Bitcoin for the last 18 months — would rebound quickly following the launch of the funds.
Source : Cointelegraph - Jul 15, 2024
