What is expected in the crypto community from the launch of Ethereum ETF
Today, July 23, 2024, is expected to be the long-awaited launch of spot Ethereum ETF trading in the USA. Leading up to the event, members of the crypto community have shared their opinions on how Ether will react to the event.
We are talking about what you need to know about the upcoming launch of spot Ethereum ETFs in the USA and what forecast ETH representatives in the cryptocurrency industry are giving in anticipation of the start of trading with the instrument.
What's happening with Ethereum
Ethereum started Tuesday with a slight decline. As of the time of writing the review, the cryptocurrency is trading at $3433. Recall that the maximum value of Ether was recorded on November 16, 2021, at $4891, which is almost 30% above current quotes.
Spot Ethereum-ETF issuers have received approval for their S-1 applications from the US Securities and Exchange Commission (SEC), meaning trading with the instrument could start today.
Many members of the crypto community believe that against the backdrop of the launch of spot Ethereum-ETFs in the USA, the cryptocurrency may demonstrate positive dynamics.
Forecast for Ethereum ahead of ETF launch
Representatives of the cryptocurrency industry have shared their Ethereum forecasts. Many believe that the launch of spot ETH-ETF trading in the USA will provoke active growth in the cryptocurrency's price. For example, crypto investor @PetaByteCapital speculated that the event will help Ether update its all-time high. In his opinion, against the backdrop of the launch of spot Ethereum-ETF trading in the USA, the cryptocurrency could come close to $8000 by the end of the year.
Crypto investor @Eljaboom supported a positive forecast for the price of Ether. He also sees the event as a premise for soon updating the absolute maximum value of ETH. According to him, Ether could meet 2025 above the level of $6000. At the same time, the investor does not exclude the growth of Ethereum above $10,000 in this cycle.
Crypto investor @GVRCALLS, in turn, gave Ether 90 days to break through the $5000 level. Analyst Michael van de Poppe also sees potential for active movements on the part of ETH.
Popular blogger @rovercrc in the crypto community believes that the event will kick off a true altseason.
However, some representatives of the cryptocurrency industry, on the contrary, expect a decline in Ether in the scenario of launching spot Bitcoin ETFs in the USA. For example, crypto blogger @SuburbanDrone believes that the event will trigger a decline in the entire market.
After the launch of spot ETFs in the USA, BTC demonstrated negative dynamics amid the sale of the Grayscale Bitcoin fund. The company also plans to launch a similar Ethereum fund.
