The price of Ethereum (ETH) has broken the $3,300 barrier fueled by growing optimism around the long-awaited approval of spot Ether exchange-traded funds (ETFs).
Ether is currently trading at $3,331, reflecting a significant 16% jump from $2,909 in just the past week according to TradingView data. This bullish momentum coincides with industry experts predicting a potential launch of several spot ETH ETFs by the week’s end.
Leading the charge is Nate Geraci, ETF analyst and president of The ETF Store. Geraci expressed his confidence in a social media post on July 14th, stating, “Welcome to spot ETH ETF approval week. Don’t know anything specific, just can’t come up with a good reason for any further delay at this point.”
Further bolstering this sentiment, an anonymous source with knowledge of the proceedings anonymously informed Cointelegraph on July 12th that the launch of spot ETH funds is imminent. This aligns with the recent actions of several issuers, including VanEck and 21Shares, who filed amendments to their registrations last week in anticipation of receiving the Securities and Exchange Commission’s (SEC) final go-ahead for listing spot Ether ETFs.
The potential arrival of these ETFs is being hailed as a potential game-changer for the price of ETH in the coming months. Tom Dunleavy, managing partner at crypto investment firm MV Global, predicts the funds could attract a staggering $10 billion in new investments within months of launch. This influx, according to Dunleavy, could propel Ether prices to uncharted territory by year’s end.
Dunleavy also argues that Ether ETFs could hold a particular advantage over their Bitcoin ETF counterparts when it comes to attracting traditional Wall Street investors.
“We believe that there will be strong buy pressure with a much more clear narrative that traditional investors can understand,” Dunleavy explained in a Q2 investor note obtained by Cointelegraph. “ETH has cashflows. It can be described as a tech stock, the app store of crypto, or an internet bond. This is a much easier sell for financial advisors than ‘digital gold.'”
Dunleavy further suggests that Ether’s price performance, which has lagged behind Bitcoin (BTC) for the past year and a half, could experience a swift rebound following the launch of the ETFs.
With the spotlight firmly on the SEC’s decision this week, all eyes are on whether Ether will finally break free and scale new heights.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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