Ethereum (ETH) is up within the last 24 hours. That is because of a recent development suggesting that the Spot Ethereum ETFs are set to launch anytime soon. These funds are expected to positively impact ETH’s price, with the second-largest crypto token poised to achieve recent highs.
Why ETH Is Up Today
Ethereum experienced a price surge following Bloomberg analyst Eric Balchunas’ revelation that the Spot Ethereum ETFs could begin trading by July 23. Balchunas mentioned in an X (formerly Twitter) post that the US Securities and Exchange Commission (SEC) has gotten back to the fund issuers and asked them to submit their final S-1 filings by July 22.
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The SEC also asked them to request effectiveness on July 22 in order that they can launch on July 23. Subsequently, the Spot Ethereum ETFs should launch by next week, provided there aren’t any “unforeseeable” last-minute issues, as noted by Balchunas. The launch of the Spot Ethereum ETFs is undoubtedly bullish for ETH, giving the quantity of latest money set to flow into its ecosystem through these funds.
Crypto research firm K33 predicted that these Spot Ethereum ETFs could attract as much as $4.8 billion of their first five months of trading. According to this, crypto analysts predict that Ethereum could record massive gains because of these inflows. Crypto analyst Linda recently predicted that the crypto token could rise to as high as $4,000 soon enough.
Other analysts, like Altcoin Sherpa, have also predicted that ETH will hit $4,000 soon. Meanwhile, crypto analyst and trader Tyler Durden has provided a more bullish prediction for ETH, stating that the crypto token will rise to $10,000 “just the way in which the chips have fallen.”
The crypto analyst alluded to the Spot Ethereum ETFs as what is going to spark such a parabolic move for Ethereum. He claimed that institutional investors had put a lot effort into ensuring that the Spot Ethereum ETFs were approved and that they’d make sure that they made money from these funds while pumping ETH’s price.
What The Spot Ethereum ETFs Mean For Altcoins
The Spot Ethereum ETFs launch can also be expected to spark massive moves for other altcoins and is prone to kickstart the altcoin season. Crypto analyst Crypto Rover advised market participants to arrange accordingly, boldly asserting that altcoin season will start once the Spot Ethereum ETFs begin trading.
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Source: X
From a technical perspective, crypto analyst Titan of Crypto mentioned that altcoins are able to make major moves to the upside as Bitcoin’s dominance drops. Crypto analyst Mikybull Crypto also stated that the macro short-term correction for altcoins is about to finish, meaning that the Spot Ethereum ETFs may very well be the catalyst that sparks a bullish reversal.
On the time of writing, ETH is trading at around $3,300, up within the last 24 hours, based on data from CoinMarketCap.
ETH price above $3,400 | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com