The crypto industry is on the verge of a potential development as key figures in the industry point to the imminent approval of the Ethereum ETF in the United States, which could trigger a significant price rally for ETH.
Nate Geraci, president of the ETF Store, shared details on the expected timeline for the launch of the first Ethereum ETF.
According to Geraci, current Bloomberg forecasts predict a mid-July launch. He explained the timeline of the process with X, saying, “Wen spot eth ETF? BBG sticks in mid/mid July. The amended IS-1 is due by July 8. The last S-1s could be July 12. Obviously that would mean the launch week of July 15.”
Similarly, Steve Kurz, head of asset management at Galaxy Digital, confirmed to Bloomberg on July 2 that the US Securities and Exchange Commission (SEC) may greenlight the Ethereum ETF before the end of the month.
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Kurz emphasized the broad foundation laid in partnership with the SEC, drawing parallels between the proposed Ethereum ETF and the existing Galaxy Bitcoin ETF (BTCO), developed with Invesco. Kurz expressed confidence in their preparedness, noting, “We know the plumbing, we know the process… The SEC is stuck.”
Bloomberg ETF analyst Eric Balchunas also chimed in, aligning with mid-July expectations. He highlighted the SEC’s recent instructions to Ethereum ETF issuers to amend their S-1 registration forms by July 8, suggesting that further amendments may be in the offing. Notably, the SEC approved rule changes under 19-b4 in May, facilitating the listing and trading of such funds, although the issuance of the funds remained pending final approval.
Ethereum Price Holds Above Key Support
The anticipation of these approvals seems to have a stabilizing effect on Ethereum prices. Crypto analyst IncomeSharks, commenting on Ethereum’s current X price, noted optimism for an imminent exit, saying, “ETH – Looks very optimistic for Q3 exit. Like the odds of a $4,000 run this month or next.” According to the chart shared by him, the price of ETH needs to hold the region of $3,300 to $3,350 to converge to $4,000.
Supporting this sentiment, Cold Blooded Shiller highlighted the important need for Ethereum to show momentum at current price levels, especially around the $3,400 mark, as the main indicator of a potential high-time-frame impulse.
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“ETH is in a good position but it must start showing momentum soon. LTF’s breakout through the $3400 lows is probably where I’m going to hit the nail on the head trying to hold any HTF momentum in the mix,” he said of X.
Adding a historical perspective, analyst Jelle (@CryptoJelleNL) compared the current market stage with Ethereum’s long consolidation in 2016-2017 before its big rally, encouraging persistence and optimism: “In 2016-2017, ETH has consolidated about 500 before 1 rallying, people stop after 20 weeks, and ETH ETFs right now. The big one is coming.”
At press time, ETH traded at $3,353.
The featured image was created with DALL·E, a chart from TradingView.com
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