Ethereum

Joe Biden

Spot

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Spot Ethereum ETFs have been approved for trading in the US from 23rd July.</li>
 <li>Despite Ethereum’s slow performance, investor sentiment remains optimistic.</li>
</ul>
Trading for Ethereum ETFs was approved on 23rd July, despite Ethereum’s slow performance.
The bullish momentum for Ethereum continues to persist.
<h2 id="sec-approves-ethereum-etfs">SEC Approves Ethereum ETFs</h2>
The US Securities and Exchange Commission (SEC) gave the go-ahead for Ethereum ETFs.
Companies such as BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, VanEck, and Invesco Galaxy are among those who received approval.
This approval came after the SEC endorsed their S-1 registration statements on 22nd July.
This allowed these ETFs to begin trading on major stock exchanges, including the Nasdaq, New York Stock Exchange, and Chicago Board Options Exchange.
Interestingly, this approval came a day after President Joe Biden announced he would not be running for reelection.
<h2 id="ethereum-s-reaction-and-predictions">Ethereum’s Reaction and Predictions</h2>
The news didn’t significantly impact Ethereum’s price.
Despite this, investor sentiment remains positive.
Crypto analyst RunnerXBT encouraged investors to stay strong, predicting that Ethereum ETF inflows will exceed expectations.
On the other hand, Crypto analytics firm Kaiko predicts that Ethereum’s price will rise by no more than 24% by the end of the year due to underwhelming demand for the spot Ethereum products.
The launch of Ethereum ETFs is expected to significantly impact the Grayscale Ethereum Trust (ETHE) and its price dynamics.
Investors are likely to shift their funds from ETHE to the newly launched spot ETFs, potentially causing outflows from ETHE.
As ETHE transitions to a spot ETF, it will become more liquid, prompting many investors to sell.
This shift, along with the narrowing discount, suggests traders are ready to cash out at full NAV prices, realizing profits.
The technical analysis of Ethereum indicates that bullish momentum continues to outpace bearish pressure.

Entering the Ethereum ETF Realm: Essentials for New Traders

Table of Contents

CoinEagle.com

Other articles published on Jul 23, 2024

Shiba Inu Burn Rate Skyrockets 545%, 52 Million XRP Shifted in 13 Hours, Toncoin Surges 170% in V...

Super Trump Faces Fierce Competition from MoonBag Presale 2024

Ethereum ETFs Witness Stellar Start As Trading Soars; Analyst Sees ETH’s Price Reaching $8,000 In Q4

How Bitcoin Lotteries Work and Differ from Conventional Lotteries

Crypto Market News Today: Impact of ETH ETF Launch on Ethereum & Altcoins

Bitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launch

Join our free newsletter for daily crypto updates!