June 5, 2024
Latest Cryptocurrency News

Forecast: Ether ETF Approval May Propel Price to $10,000

The anticipation surrounding the approval of spot Ether exchange-traded funds (ETFs) in the United States has reached a fever pitch, with industry experts forecasting a potential surge in Ether’s price to $10,000.

While the approval process under the United States Securities and Exchange Commission (SEC) is expected to be protracted, market observers believe that the launch of such ETFs could serve as a transformative catalyst for Ether. This sentiment echoes Bitcoin’s performance post-ETF, as highlighted by Andrey Stoychev, the head of prime brokerage at Nexo.

Ether Hits Two-Month High Amid SEC Reversal

Recent developments have propelled Ether’s price to new heights, with the cryptocurrency surging over 21% in the past 24 hours to reach $3,771, its highest level in two months, according to CoinMarketCap data.

This rally comes in the wake of reports suggesting a reversal by the SEC on spot Ether ETFs, potentially influenced by political considerations.

ETH/USDT, 1-day chart. Source: CoinMarketCap

Speculation abounds regarding the SEC’s altered stance, with some attributing it to the looming US presidential election, which underscores the growing influence of crypto users, particularly in swing states.

Ether ETF Approval: Regulatory Milestones and Market Impact

While the approval odds for VanEck’s Ether ETF proposal have significantly increased to 75%, according to senior Bloomberg ETF analyst Eric Balchunas, regulatory hurdles remain.

The forthcoming SEC deadline on May 23 for VanEck’s proposal marks a critical juncture in the ETF approval process. However, analysts caution that S-1 filings, a prerequisite for ETF issuers, could prolong the timeline, potentially delaying tradeability until 2025.

Despite the uncertainty, industry stakeholders remain optimistic about the long-term market impact of Ether ETF approval, underscoring its potential to reshape the cryptocurrency landscape.

Image from Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Defunct FTX and Alameda Research Wallets in $10.8 Million Crypto Shuffle

Robert Paul

Bitget Strengthens KYC Measures for New Customers Starting September 1

Christian Green

Crypto Adoption Surges in Latin America Amidst Soaring Inflation Rates

Bran Lopez

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.