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Sujit Kumar
Jul 9, 2024
by Sujit Kumar

Spot Ethereum ETFs: Potential Approval Sparks Ether's Price Surge

Spot Ethereum ETFs

Table of contents

  1. Wave of S-1 Filings
  2. Approval Process Insights
  3. Market Reaction
  4. Technical Indicators
The anticipation of spot Ethereum exchange-traded funds (ETFs) receiving approval in the U.S. has significantly boosted the crypto market, driving Ether’s price above $3,000. Bloomberg ETF analyst Eric Balchunas predicts potential approval by July 18th, fueled by recent S-1 filings from major ETF issuers.

Wave of S-1 Filings

This recent wave of filings from prominent players such as VanEck and Grayscale has stirred excitement about an imminent approval. Interestingly, the filing from 21Shares, along with the Grayscale Ethereum Mini Trust offering, did not include any fee details. Eric Balchunas explained on X (formerly Twitter) that the SEC requested these filings on July 8th, but fee details were not yet necessary.

Approval Process Insights

Balchunas believes that once the SEC reviews and returns the S-1 filings to the issuers, the approval process will commence. He added, "if someone forced him to predict an approval date for spot Ethereum ETFs 'gun to head style,' his best guess would be July 18th."

Market Reaction

Amid this optimism, the price of Ether, the native token of the Ethereum blockchain, surged over 5%, surpassing the $3,000 mark. According to CoinMarketCap data, Ether is trading at $3,065 at the time of writing, with a 51.10% surge in trading volume. The market capitalization of ETH stands at $368 billion.

Technical Indicators

Despite the price surge, the relative strength index (RSI) for Ether reads 37.32, indicating that bears are still influencing the Ethereum price action.

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Spot Ethereum ETFs
Spot Ethereum ETFs: Potential Approval Sparks Ether's Price Surge
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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