Ethereum (ETH) is in the last 24 hours. This is due to recent developments suggesting that Spot ETFs Ethereum are set to launch in the near future. These funds are expected to positively impact the price of ETH, with the second-largest crypto token poised to reach recent highs.
Why ETH is rising today
The price of Ethereum rose sharply after Bloomberg analyst Eric Balchunas the revelation that Spot ETFs Ethereum may start trading on July 23. Balchunas listed in X (formerly Twitter) fasting that the U.S. Securities and Exchange Commission (SEC) has asked fund issuers to file final S-1 reports by July 22.
The Securities and Exchange Commission (SEC) also asked them to file for an effective date of July 22 so they could begin operations on July 23. Spot ETFs Ethereum should launch next week, provided there are no last-minute “unforeseen” issues, as Balchunas noted. The launch of the Spot Ethereum ETF is undoubtedly bullish for ETH, given the amount of recent money expected to flow into its ecosystem via these funds.
Cryptocurrency Research Firm K33 Planned that these Spot Ethereum ETFs could attract as much as $4.8 billion in the first five months of trading. In line with this, cryptocurrency analysts predict that Ethereum could see massive gains with these inflows. Cryptocurrency analyst Linda recently foreseen that the price of the cryptotoken could soon rise to as much as $4,000.
Other analysts such as Altcoin Sherpa have also predicted that ETH will soon hit $4,000. Meanwhile, cryptocurrency analyst and trader Tyler Durden has given a more bullish forecast for ETH, stating that the value of the crypto token will rise to $10,000 “just as prices have fallen.”
The cryptocurrency analyst alluded to Spot Ethereum ETFs as what would trigger such a parabolic move for Ethereum. He claimed that institutional investors They put a lot of effort into ensuring that Spot Ethereum ETFs would be approved and that they would make money off of these funds, while also driving up the price of ETH.
What Spot Ethereum ETF Means for Altcoins
The launch of the Spot Ethereum ETF is also expected to trigger massive moves in other altcoins and is likely to trigger altcoin season. Crypto Rover Cryptocurrency Analyst deliberate market participants to prepare accordingly, boldly stating that the altcoin season will begin as soon as trading in Spot Ethereum ETFs begins.
From a technical perspective, the Titan of Crypto crypto analyst mentioned that altcoins are poised for massive gains as Bitcoin’s dominance declines. Cryptocurrency Analyst Mikybull Crypto He also stated that the short-term macroeconomic correction for altcoins is coming to an end, which means that Ethereum Spot ETFs could be the catalyst that kickstarts a bull run.
At the time of writing, ETH is trading at around $3,300, up over the past 24 hours, according to data data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
