Matrixport expects SEC approval for Ethereum ETFs this week, akin to past swift approvals. Major firms like BlackRock and Fidelity prepare S-1 filings, anticipating ETH's price could double.
SEC briefly delayed ETFs for revisions, setting a July 8 deadline for amended filings. Minimal revisions suggest trading may start within two weeks.
Matrixport forecasts ETH could hit $3,400 post-approval, citing historical 20% gains from similar filings, boosting investor confidence.
#Matrixport 📈Today-Jul 8: SEC Will Likely Approve #ETH ETF This Week#CryptoFinance #cryptocurrency #Crypto #SEC pic.twitter.com/83WVrVjrOZ
— Matrixport Official English (@Matrixport_EN) July 8, 2024
Bernstein targets $6,600 for Ethereum, buoyed by ETF optimism and past BTC surges after regulatory nods.
ETH trades around $3,030, up 2%, with a 57% surge in trading volume, reflecting anticipation for SEC decisions.
Approval could bolster sentiment; delay may dampen buyer interest and affect broader market trends.
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.
During a recent congressional hearing, Democrat Ritchie Torres argued that Ethereum (ETH) should not be considered a security.