FameEX Hot Topics | Ethereum Hits $3.3K Amid Predictions of ETF Approvals This Week

Ether (ETH) is currently experiencing a robust rally, trading at $3,331, which represents a 16% increase from last week's price of $2,909, according to TradingView data. Nate Geraci, president of The ETF Store and an ETF analyst, recently expressed his optimism on social media platform X, predicting the launch of eight spot ETH ETFs by the end of the week. "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," Geraci remarked in a post dated July 14.

Echoing Geraci's sentiment, an anonymous source with insights into the proceedings indicated on July 12 that the spot ETH funds were poised for launch by week's end. In preparation, prominent issuers such as VanEck and 21Shares have updated their registrations, aiming to receive the SEC’s final approval to list these spot Ether ETFs.

Industry analysts believe the debut of these ETFs will significantly influence ETH's market price in the near future. Tom Dunleavy, a managing partner at crypto investment firm MV Global, anticipates that the ETFs will draw up to $10 billion in new inflows in the months following their introduction, potentially driving Ether's price to unprecedented highs by the end of the year.

Dunleavy also highlighted that, contrary to the views of some ETF analysts, Ether ETFs might find a more receptive audience on Wall Street than Bitcoin ETFs. "We believe that there will be strong buy pressure with a much more clear narrative that traditional investors can understand. ETH has cashflows. It can be described as a tech stock, the app store of crypto, or an internet bond," he explained, making it more palatable to financial advisors compared to the notion of 'digital gold.'

He further noted that despite ETH’s sluggish price movement relative to Bitcoin (BTC) over the past 18 months, its market performance is expected to recover swiftly following the ETF launches, signaling 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.