Ethereum’s price has risen above $3,300 amid expectations that spot Ethereum exchange-traded funds (ETFs) could be approved by the end of this week.
Currently, Ether (ETH) is trading at $3,331, having increased by 16% from $2,909 over the past week, according to TradingView data.
Nate Geraci, an ETF analyst and president of The ETF Store, recently shared his prediction on X (formerly Twitter) that the eight spot Ethereum ETFs could be approved by the end of this week. Geraci mentioned, “This is the week for spot ETH ETF approvals. While I don’t have specific details, there’s no good reason for further delays at this point,” in a July 14 post.
Supporting this view, an anonymous source close to the situation told Cointelegraph on July 12 that the launch of the spot ETH funds is expected soon.
Several companies, including VanEck and 21Shares, submitted updated applications last week, hoping to get the final approval from the SEC to start listing spot Ethereum ETFs.
Many experts believe that the approval of these ETFs could be a significant driver for Ethereum’s price in the near future.
Summary Review: The recent surge in Ethereum’s price reflects growing optimism about the potential approval of spot ETH ETFs this week. With analysts predicting imminent ETF launches and several companies awaiting final SEC approval, the market is anticipating a positive impact on Ethereum’s value. As developments unfold, the approval of these ETFs could play a crucial role in shaping Ethereum’s future price movements
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