Ethereum
Why is Ethereum price rising today?
Ethereum (ETH) is up over the past 24 hours. This is due to a recent development suggesting that the Ethereum ETFs under the microscope are expected to be launched soon. These funds are expected to have a positive impact on the price of ETH, with the second-largest crypto token set to reach new highs.
Why ETH is up today
Ethereum has seen a price surge following Bloomberg analyst Eric Balchunas revelation that the Ethereum ETFs under the microscope could begin trading by July 23. Balchunas mentioned in an X (formerly Twitter) job that the U.S. Securities and Exchange Commission (SEC) has responded to fund issuers and asked them to submit their latest S-1 filings by July 22.
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The SEC also asked them to file for effective July 22 so they could launch on July 23. Therefore, Ethereum ETFs under the microscope The launch of these ETFs is expected to take place next week, provided there are no “unforeseeable” last-minute issues, as Balchunas noted. The launch of the Ethereum Spot ETFs is undoubtedly bullish for ETH, given the amount of new money that is expected to flow into its ecosystem through these funds.
K33, a cryptocurrency research firm predicted that these Spot Ethereum ETFs could attract as much as $4.8 billion in their first five months of trading. With this in mind, crypto analysts predict that Ethereum could see massive gains from these inflows. Crypto analyst Linda recently predicted that the crypto token could soon hit $4,000.
Other analysts, like Altcoin Sherpa, have also predicted that ETH will hit $4,000 soon. Meanwhile, crypto analyst and trader Tyler Durden provided a more optimistic prediction for ETH, declarant that the crypto token will hit $10,000 “the exact same way the tokens fell.”
The crypto analyst hinted at Ethereum Spot ETFs as what would trigger such a parabolic move for Ethereum. He claimed that institutional investors they had put so much effort into ensuring that the Ethereum Spot ETFs were approved and they would make sure to make money from these funds while increasing the price of ETH.
What Ethereum Spot ETFs Mean for Altcoins
The launch of the Ethereum Spot ETFs is also expected to trigger massive moves for other altcoins and should kick off altcoin season. Crypto Analyst Crypto Rover informed Market participants should prepare accordingly, boldly stating that altcoin season will begin once Spot Ethereum ETFs begin trading.
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Source: X
From a technical perspective, crypto analyst Titan of Crypto mentioned that altcoins are poised to make major moves higher as Bitcoin dominance declines. Crypto Analyst Mikybull Crypto He also said that the short-term macro correction for altcoins is about to end, meaning that Ethereum Spot ETFs could be the catalyst that triggers a bullish reversal.
At the time of writing, ETH is trading at around $3,300, up over the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart by Tradingview.com