FameEX Hot Topics | Ethereum Reaches $3.3K as Analysts Forecast ETF Approvals This Week

Ether (ETH) is currently experiencing a notable rally, trading at $3,331, marking a 16% increase from the previous week's price of $2,909, as reported by TradingView. Nate Geraci, President of The ETF Store and an ETF analyst, recently shared his enthusiasm on the social media platform X, predicting the imminent launch of eight spot ETH ETFs by the end of the week. In a post dated July 14, Geraci expressed, "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."

Supporting Geraci's expectations, an anonymous source familiar with the proceedings confirmed on July 12 that the spot ETH funds were set to be introduced by the end of the week. Leading up to this, major issuers like VanEck and 21Shares have revised their registrations, aiming to secure the SEC’s final nod to list these spot Ether ETFs.

Industry analysts are optimistic that the introduction of these ETFs could substantially impact ETH's market price shortly. Tom Dunleavy, a managing partner at crypto investment firm MV Global, predicts the ETFs could attract up to $10 billion in new inflows in the months after their launch, potentially propelling Ether’s price to new all-time highs by the end of this year.

Dunleavy also mentioned that Ether ETFs might be more appealing to Wall Street than Bitcoin ETFs, contrary to some analysts' views. He argued, "We believe that there will be strong buy pressure with a much more clear narrative that traditional investors can understand. ETH has cash flows. It can be described as a tech stock, the app store of crypto, or an internet bond," making it a more straightforward sell for financial advisors than the concept of 'digital gold.'

Additionally, Dunleavy pointed out that despite ETH’s relatively sluggish performance compared to Bitcoin (BTC) over the last 18 months, its market performance is expected to rebound swiftly following the ETF launches, heralding a potentially vibrant period for Ether in the financial markets.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.