ETH Primed For Explosive Upmove To $10,000 Amid Analyst Eyeing July 2 Launch Of Ether ETFs
According to Bloombergs senior ETF analyst Eric Balchunas, the highly anticipated spot Ethereum (ETH) exchange-traded funds (ETFs) could commence trading on U.S. exchanges by July 2.
Meanwhile, a popular crypto strategist envisions a massive price eruption for Ether that would push it to $10,000.
Ether ETFs To Make Trading Debut Next Month
Bloombergs Eric Balchunas revealed in a June 15 X post that his best guess as of now is that spot Ether ETFs will start trading in the United States by early next month.
Balchunas noted that the U.S. Securities and Exchange Commission (SEC) has sent light comments on S-1 forms to ether ETF applicants, asking for their response within a week. This development implies a high likelihood that the ETFs will begin trading before the holiday weekend and after the SEC signs off on the S-1 registration statements. The holiday in question is U.S. Independence Day, celebrated annually on July 4.
In May, the SEC approved 19b-4 filings from asset managers, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, that applied to list and trade spot ETH ETFs on various exchanges. The historic approval came despite speculation that the financial regulator had been investigating whether to categorize Ether as a security.
In testimony at a recent Senate hearing, SEC Chair Gary Gensler said he anticipates spot ether products to have received full approvals from his Commission by the end of the summer. The assured Ether ETF approval sets a precedent as the first non-Bitcoin crypto asset to be considered a commodity.
Bullishness In The Ethereum Community
Ethereum has had a rocky week. The industrys second-biggest cryptocurrency by market capitalization has been on a downtrend, shedding 3.4% of its value over the past seven days. Ethers price is changing hands 11% below the multi-year high of $4,090, hit on March 21.
Despite this sluggish performance, analysts believe Ether still has more upside potential. Credible Crypto, a widely followed analyst, recently shared his belief that Ethereum could hit a five-figure price in the current cycle.
ETH to $10,000 minimum by the end of the cycle. Realistically, significantly higher than that. I like $20,000 because it matches Bitcoins 2017 top and its a nice, round number to target after $10,000 is breached, Credible Crypto wrote on X.
Ethereum costs $3,557 as of publication time. This means the asset would need to soar by roughly 183% and 468% from the current levels to reach the pseudonymous analysts $10,000 and $20,000 price points, respectively.
However, he expects ETH to remain range-bound for another couple of months before its next meteoric rally to the upside.
Text source: ZyCrypto
