Spot Ethereum ETFs Expected to Begin Trading on July 2
Can This Propel ETH to $10,000?
Discussions around the imminent launch of the Spot Ethereum ETFs have continued to gain momentum. Bloomberg analysts Eric Balchunas and James Seyffart recently provided an update on the likely timeline for the first-ever Spot Ethereum ETFs to begin trading.
Spot Ethereum ETFs Set to Trade by July 2
Balchunas revealed in a recent post that they are adjusting their “over/under date” for the launch to July 2. According to him, the Securities and Exchange Commission (SEC) has sent what he called “pretty light” comments to fund issuers regarding their respective S-1 filings. These comments are not deemed significant, and fund issuers are expected to file their amended registration statements within a week.
The Bloomberg analyst noted a decent chance that the SEC will declare these S-1 filings effective the following week, working towards approval before the holiday weekend. Although no guarantees can be made, this is the timeline currently in consideration.
Initially, Bloomberg analysts had set July 4 as their over/under date for the Spot Ethereum ETFs launch. Balchunas acknowledged that the shift from July 4 to 2 wasn't massive but still notable, especially given the lingering feeling that the launch might take longer.
The decision for the date adjustment was based on ongoing uncertainties. The latest projection offers a more optimistic outlook, especially after **SEC Chair Gary Gensler caused some ambiguity with his recent comments.
During a Senate Banking Committee meeting on June 13, Gensler told Senator Bill Hagerty that the S-1 filings for the Spot Ethereum ETFs would likely be approved “over the course of this summer.” This raised concerns that approval may not come until September.
Spot ETFs to Propel ETH to $10,000
The launch of Spot Ethereum ETFs is anticipated to significantly impact Ethereum's price. Crypto expert Ash Crypto recently projected that Ethereum reaching $10,000 is just a “matter of time” with these funds set to start trading soon. Crypto analyst Eljaboom also suggested that $10,000 is “programmed” for Ethereum in this cycle.
Crypto analyst CrediBULL Crypto echoed these sentiments, stating that $10,000 is his minimum target for Ethereum in this bull run. He further added that Ethereum could even rise to $20,000, referencing Bitcoin’s peak in the 2017 bull run.
Meanwhile, the ETH price faces challenges as it struggles to hold the $3,500 support.
