The crypto industry is on the verge of a potentially significant development as key industry figures suggest the imminent approval of an Ethereum ETF in the United States could potentially trigger a notable price rally for ETH.
Nate Geraci, President of The ETF Store, shared insights into the expected timeline for the launch of the first spot Ethereum ETF.
According to Geraci, Bloomberg’s current forecasts predict a mid-July launch. He detailed the procedural timeline via X, stating“When did you locate the ETF? BBG remains in mid-July. Amended S-1 due July 8th. Potential final S-1 by July 12th. Theoretically would mean launch week of July 15th.”
Meanwhile, Steve Kurz, head of asset management at Galaxy Digital, confirmed told Bloomberg on July 2 that the U.S. Securities and Exchange Commission (SEC) could greenlight a spot Ethereum ETF before the end of the month.
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Kurz emphasized the extensive groundwork laid in collaboration with the SEC, drawing parallels between the proposed Ethereum ETF and Galaxy’s existing Bitcoin (BTCO) ETF, created with Invesco. Kurz expressed confidence in its preparation, noting, “We know the plumbing, we know the process… The SEC is engaged.”
Bloomberg ETF analyst Eric Balchunas also chimed in, aligning with mid-July expectations. He highlighted the SEC’s recent instructions to Ethereum ETF issuers to amend their S-1 registration forms by July 8, suggesting possible additional changes. Notably, the SEC approved rule changes under 19-b4 in May, facilitating the listing and trading of such funds, although the issuance of funds remained pending final approvals.
Ethereum Price Holds Above Major Support
The anticipation of these approvals appears to be having a stabilizing effect on Ethereum prices. Crypto analyst IncomeSharks, commenting on Ethereum’s current price trajectory via X, observed bullish on a short-term breakout, stating: “ETH – Looking more bullish on a Q3 breakout. Liking the chances of a run to $4,000 this month or next.” According to the chart he shared, ETH price needs to hold in the $3,300-$3,350 region to rally to $4,000.
Supporting this sentiment, Cold Blooded Shiller highlighted the crucial need for Ethereum to demonstrate momentum at current price levels, specifically around the $3,400 mark, as a key indicator for potential long-term momentum.
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“ETH is still in a good position but really needs to start showing some momentum soon. The LTF divergences around this $3,400 low are probably where I look to capture any HTF momentum from the consolidation,” he commented through X.
Adding historical perspective, analyst Jelle (@CryptoJelleNL) compared the current market phase for Ethereum’s long consolidation in 2016-2017 before its mass rallycalling for persistence and optimism: “In 2016-2017, ETH consolidated for over 50 weeks before rallying nearly 12,000 percent. Today, people are giving up after less than 20 weeks, with ETH ETFs coming in. Stick to the plan, guys. The best is yet to come.”
At the time of writing, ETH was trading at $3,353.
![Experts Eyeing Ethereum ETF Launch in Mid-July, Predict Price Rise 1 Ethereum Price](https://thegurumedia.com/wp-content/uploads/2024/07/ETHUSD_2024-07-03_09-41-14.png)
Featured image created with DALL·E, chart from TradingView.com