The post Ethereum ETF Approval Expected This Week: Matrixport Foresees ETH Price set For 2x Rally appeared first on Coinpedia Fintech News
Matrixport has indicated a strong likelihood of the U.S. SEC approving spot Ethereum ETFs this week. The firm expects a quick approval process akin to previous instances, citing similarities to the swift approval of 19-b filings in May. Matrixport notes that issuers such as BlackRock, Fidelity, Grayscale, and others are poised to submit S-1 filings to the SEC, anticipating the launch of ETFs could boost ETH price towards double the current price.
Insight on Expected Delay
According to Matrixport, the SEC briefly delayed the Ethereum ETF launch for revisions, setting the deadline for amended S-1 filings on July 8. ETFstore President Nate Geraci commented on the minimal revisions required in the last round, suggesting ETFs could commence trading within the next two weeks after approval.
However, according to Bloomberg experts, the SEC could allow Ethereum ETFs on July 15.
Potential Impact on ETH Price
Matrixport predicts Ethereum’s price could significantly recover to $3,400 following SEC approval. The firm bases this forecast on historical price movements, noting Ethereum’s previous 20% rally post-approval of 19-b filings. This projection underscores expectations of renewed investor confidence and increased market activity upon ETF launch.
Bernstein’s Long-Term Price Target
However, in the bear market, asset management firm Bernstein has set a long-term price target of $6,600 for Ethereum. The bullish outlook is based on the post-ETF approval, backing the claim with historical references where BTC pumped after the regulatory approvals. However, Bernstein predicts a possible surge in Ethereum’s value as institutional interest and market sentiment align with ETF developments.
Current Market Snapshot
As of the latest update, Ethereum has experienced a 2% price increase, trading around $3,068. The cryptocurrency’s trading volume has surged by 57% in the last 24 hours, indicating heightened trader interest and speculative activity surrounding upcoming regulatory decisions and market expectations.
In the meantime, key levels to watch are support at $2,900 and resistance at $3,100. A breach above $3,100 could signal a robust recovery, while a failure to hold $2,900 may lead to additional downside movements.
A lot is at stake with the ETH ETF, as the whole crypto market is looking for a significant push to overcome the downside. However, a delay can negatively impact the market, as it will fade the buyer’s interest. What do you think?
Read Also: Optimism Grows as Spot Ether ETFs Near U.S. Launch