The cryptocurrency sector anticipates a breakthrough with potential SEC approval of Ethereum ETFs, expected this week.
Matrixport experts suggest a pivotal moment for Ethereum and the broader market.
SEC’s recent greenlight for Form 19-b filings by major firms like BlackRock, Fidelity, and Grayscale fueled optimism. They aim for swift approval, with trading potentially starting within two weeks post-approval.
Nate Geraci of ETFstore notes minor SEC adjustments in S-1 reviews, signaling efficiency. Bloomberg analysts project approval by July 15, aligning with bullish Ethereum sentiment.
Matrixport predicts Ethereum’s potential rebound to $3,400 upon approval, boosting investor confidence.
Despite a bearish climate, Bernstein sets a long-term Ethereum target of $6,600, buoyed by institutional interest and ETF prospects.
At the time of writing Ethereum is trading at $3,085, after a 0.9% price increase in the past 24 hours and $19.94 billion in volume.
Key levels are $2,900 support and $3,100 resistance, crucial for price trends.
Louisiana has become the latest U.S. state to accept cryptocurrency payments for state services.
According to Spot On Chain analysts, the Ethereum Foundation is consistently selling off large quantities of Ethereum.
Franklin Templeton, the asset management giant with $1.5 trillion in assets, is set to launch a mutual fund on the Solana blockchain.
In 2024, Cardano (ADA) has seen impressive growth in its smart contract sector, particularly with Plutus V2.