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Ethereum ETF Upcoming Approval: Experts Predict July 4th Timing
- Bloomberg senior analyst Eric Balchunas sees a potential approval timeline for the Ethereum spot ETF around July 4, 2024.
- The Ethereum price chart forms a golden cross suggesting a likely move above $4,000. Above $4,000, FOMO could lead to a new all-time high at $5,000.
The potential approval of Spot Ethereum ETFs has become a hot topic in the crypto community, with industry experts weighing the timing of the U.S. Securities and Exchange Commission’s (SEC) decision. Nate Geraci, host of the ETF Prime podcast, recently shared his insights, suggesting that S-1 approvals could arrive within a few weeks.
In a post on X, Geraci said: “When will the SEC approve spot eth ETF registration statements? Nobody knows for sure, but my expectation is for the next few weeks. 2-3 months at most.” He also noted that the approval process for Ethereum Spot ETFs could be expedited due to the rapid approval of Bitcoin ETFs previously.
Furthermore, he argued that the SEC has already done much of the “heavy lifting” with the approval of Bitcoin Spot ETFs and Ethereum Futures ETFs, suggesting that it may now be “a question of how long the SEC wants to pursue this “.
Meanwhile, Eric Balchunas, senior ETF analyst at Bloomberg, responded to Geraci’s post by proposing a potential timeline for Ether ETF S-1 approval around July 4, 2024. Balchunas commented: “July 4th Seems like a good over/under.” Geraci agreed, adding, “I like it… I’ll take it, but right timing, IMO.”
It can therefore be inferred that S-1 approvals could take more than a month. While approval may not be as quick as it has been for Bitcoin ETFs, it is still relatively early considering the ongoing debate over Ethereum’s status and other regulatory implications. Therefore, the chances of trading of Spot Ethereum ETFs starting in the next month remain low.
ETH price action ahead
The Ethereum price prediction shows that Ether is maintaining its position above critical support levels on the daily chart, specifically between $3,600 and $3,800. The Moving Average Convergence Divergence (MACD) indicator supports a bullish outlook, increasing the probability of a move above $4,000.
A recently confirmed gold cross, where the 20-day exponential moving average (EMA) broke above the 50-day EMA, further signals a bullish trend, making ETH a promising buy.
Some investors are likely waiting on the sidelines for further confirmation of a breakout. A daily close above $3,900 would support the bullish trend and confirm the strong presence of bulls in the market.
A further rise above $4,000 could trigger FOMO (fear of missing out) among investors, potentially driving prices to a new high above $5,000.
However, a potential double-top pattern near $4,100 could push ETH price below $4,000. If this level is successfully broken, a significant rally towards $5,000 could follow.