Experts are bullish on the Ethereum ETF launching on July 4, predicting a potential surge above $7,000.
As the first Ethereum spot ETF is set to launch in the US, experts are predicting a major price surge for the second-largest cryptocurrency on the market.
Ethereum ETFs on the Horizon
According to a recent Reuters report: reportThe U.S. Securities and Exchange Commission (SEC) could approve an Ethereum ETF as early as July 4 as discussions between asset managers and regulators enter their final stages.
Industry executives and other attendees, who requested anonymity citing the confidentiality of the talks, said the revision process for the proposal document had been geared toward resolving only “minor” issues and that approval would “probably take no more than a week or two.”
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The launch of Bitcoin-based ETFs in the U.S. in January was a huge success, attracting around $8 billion in assets, according to Morningstar Direct data. By the end of June, these nine new products had nearly $38 billion in assets, but the Grayscale Bitcoin Trust, which simultaneously converted its $27 billion BTC trust into an ETF, had seen its holdings fall to $17.8 billion.
However, experts believe that the launch of a new spot Ethereum ETF may not be as impressive as before. Bitcoin ETF Debuts. “Ethereum is neither the same size as BTC in terms of market capitalization nor does it have the same trading volume,” James Butterfill, head of research at Coinshares, noted.
Bryan Armour, ETF analyst at Morningstar, said given the differences in market size and characteristics of the two cryptocurrencies, inflow Things could get a lot quieter once the Ethereum ETF launches.
“Demand for Bitcoin has been pent up for a decade, and investor interest has been enormous.” Armor said. “This won’t generate the same excitement.” But not everyone shares the same cautious outlook.
ETH, Potential Rally Towards $7,500 Expected
Quinn Thompson, founder and CIO of Lekker Capital, recently said: decided The market is in the midst of “one of the clearest and most attractive cryptocurrency buying opportunities in recent memory.”
Thompson added that while it used to be “cool” to be bullish, now “it seems like Twitter has become a contest to see who can take the most negative ETH ETF.” Thompson added:
Personally, I think ETH will hit $7,000 and BTC will make its first challenge at $100,000 by the November elections.
Glassnode co-founders also shared: Strong Price Analysis In the case of Ethereum, investors said that if they look at the history of Ethereum, they are seeing patterns similar to the early stages of the 2021 bull market.
They believe the current structure provides a target of around $7,500 as the final high for Ethereum, which would reflect the Fibonacci expansion seen in 2021 and signal a “soon!” for Ethereum. This suggests a strong rally.
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While caution remains over the possibility of further price declines, experts argue that a new exogenous event would have to occur for such a scenario to occur. Overall, market sentiment Ethereum reaches $7,000 and Bitcoin is heading towards $100,000 for its first attempt.
At the time of writing, ETH was trading at $3,460, up more than 3% in the last 24 hours. This came as the market recovered from the correction seen over the weekend and early in the week.
DALL-E’s main image, charts from TradingView.com
