Ethereum
Matrixport predicts ETH price to double
Matrixport has reported a high probability that the U.S. Securities and Exchange Commission (SEC) will approve spot Ethereum ETFs this week. The company expects a quick approval process, similar to previous cases, citing the quick approval of 19-b filings in May.
Major players like BlackRock, Fidelity, Grayscale and others are set to submit S-1 documents to the SEC, anticipating that the launch of these ETFs could potentially double the ETH price.
The SEC briefly delayed the launch of the Ethereum ETF to make some revisions, with the deadline for amended S-1 filings set for July 8. Nate Geraci, president of ETFstore, noted that the latest round required only minor adjustments, suggesting the ETFs could begin trading within two weeks of approval. Bloomberg experts believe the SEC could approve Ethereum ETFs as early as July 15.
Price forecast
Matrixport predicts a significant recovery in Ethereum price, potentially reaching $3,400 after SEC approval. This forecast is based on historical price movements, indicating a 20% increase after the approval of the 19-b filings. The company expects a boost in investor confidence and increased market activity upon the ETF launch.
In the midst of a bear market, asset management firm Bernstein has set a long-term price target of $6,600 for Ethereum. Their bullish outlook hinges on post-ETF approval, drawing parallels to historical examples where Bitcoin surged after similar regulatory approvals.
Bernstein anticipates a significant increase in Ethereum’s value as institutional interest and market sentiment align with ETF developments.
Current Market Overview
According to the latest update, Ethereum has seen a 2% price increase, trading around $3,068. The cryptocurrency’s trading volume has surged by 57% in the last 24 hours, indicating increased trader interest and speculative activity around upcoming regulatory decisions and market expectations.
For now, the important levels to watch are the support at $2,900 and the resistance at $3,100. A break above $3,100 could signal a robust recovery, while failure to hold $2,900 could lead to further downward moves.
The stakes are high!
The cryptocurrency market is eagerly awaiting the approval of the ETH ETF, which could provide a significant boost to overcome the current bearish trends. However, any delay could have a negative impact on the market, potentially decreasing buying interest. What do you think will happen next?
Read also: Optimism Grows Ahead of US Spot Ether ETF Launch
What is your price prediction for Ethereum after the ETF launch? Let us know.