Today, July 23, 2024, is the long-awaited launch of spot Ethereum ETF trading in the United States. Ahead of the event, crypto community members shared their opinions on how Ethereum will react to the event.
We tell you what you need to know about the upcoming launch of spot Ethereum ETFs in the US and what ETH forecast representatives of the crypto industry are giving ahead of the start of trading in the instrument.
What’s Happening With Ethereum
Ethereum started Tuesday with a slight decline. As of the time of writing, the cryptocurrency is trading at $3,433. Recall that the maximum value of Ether was recorded on November 16, 2021 at $4,891, which is almost 30% higher than current quotes.
The issuers of the spot Ethereum ETF have received approval for their S-1 filings from the US Securities and Exchange Commission (SEC), meaning trading in the instrument could begin as early as today.
Many in the crypto community believe that the cryptocurrency could show positive dynamics amid the launch of spot Ethereum ETFs in the US.
Ethereum Forecast Ahead of ETF Launch
Representatives of the crypto industry shared their Ethereum forecasts. Many believe that the launch of spot ETH-ETF trading in the US will trigger an active growth of the cryptocurrency rate. For example, crypto investor @PetaByteCapital assumedthat the event will help Ether update its absolute maximum. In his opinion, against the backdrop of the launch of spot Ethereum-ETF trading in the US, the cryptocurrency will be able to come close to $8,000 by the end of the year.
Positive forecast for the Ether rate supported crypto investor @Eljaboom. He also sees in the event the prerequisites for a quick update of the absolute maximum of the ETH value. According to his calculations, Ether may meet 2025 above the level of $6000. At the same time, the investor does not rule out the growth of Ethereum above $10,000 in this cycle.
Crypto investor @GVRCALLS in turn gave Ether 90 Days to Break $5,000 Analyst Michael van de Poppe also sees potential for active movements on the part of ETH.
Popular blogger in the crypto community @rovercrc considersthat the event will launch a real alt-season.
However, some representatives of the crypto industry – on the contrary, they are waiting for the fall of Ether according to the scenario of launching spot bitcoin ETFs in the US. For example, crypto blogger @SuburbanDrone thinksthat the event will trigger a fall in the entire market.
After the launch of spot ETFs in the US, BTC showed negative dynamics amid the sell-off of the Grayscale Bitcoin fund. The company also plans to launch a similar Ethereum fund.
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Source: Cryptocurrency
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