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Matrixport Reveals Ethereum ETF Launch Timeline, Bernstein Targets ETH at $6,600
With all eyes on a possible approval of the Ethereum ETF for listing and trading by the US SEC, experts predict a high probability of approval this month. Crypto financial services firm Matrixport believes the Securities and Exchange Commission could approve Ether ETF later this week, as the deadline for issuers to file amended S-1 statements is Monday.
Ethereum ETF Approval Likely This Week
In a new update on July 8, Matrixport reported that the SEC will likely approve an Ether ETF this week. The United States will have an exchange-traded fund that will track the spot price of Ethereum.
Matrixport expects rapid progress similar to that of May, when the SEC suddenly asked spot Ethereum ETF issuers to review their applications. After the issuers’ 19b-4 filings, the SEC immediately approved them within three days. The S-1 filings were likely delayed due to the Fourth of July holiday and long weekend.
CoinGape reported that the SEC Delays Ethereum ETF launch with some comments, postponing the S-1 deadline to July 8. President of ETFstore Born Geraci He said that the latest round of S-1 reviews was rather “light” and that he believes that Ethereum ETFs will start trading in the next couple of weeks.
BlackRock, Fidelity, Grayscale, Hashdex, VanEck and Invesco are expected to file S-1 filings with the U.S. Securities and Exchange Commission (SEC).
Read also: EtherFi Foundation Acquires ETHFI, Approves Major Ethereum Mainnet Staking Proposal
Will ETH Price See a Massive Surge?
Matrixport predicts Ethereum price recovery to $3,400 after SEC approval. The firm predicts a sharp jump of nearly 12% based on analysis that ETH price increased by 20% after SEC approved 19-b filings.
Meanwhile, $725 billion asset manager Bernstein previously gave a long-term ETH price target of $6,600. The firm reported that ETH will hit this price after the SEC approves spot Ethereum ETFs. Notably, the estimate is based on a 75% rally in Bitcoin products in January after weeks of ETF approvals. Bernstein analysts expect a similar price action for Ethereum.
ETH Price has increased by 2% in the last 24 hours, with the price currently trading at $3,068. The 24-hour low and high are $2,826 and $3,090 respectively. Furthermore, the trading volume has further increased by 57% in the last 24 hours, indicating an increase in interest among traders.
Read also: XRP Whale Moves 37 Million Tokens as Lawyer Reveals Ripple’s Timeline Against SEC