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.
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.