Spot Ethereum (ETH) ETF approval prospects reversed suddenly, exceeding 75% in the last 24 hours. Significant developments are emerging, and communication between potential issuers and the SEC is strengthening. What will the spot Ether ETF approval mean for the ETH price?
What Will Ethereum’s Price Be?
After the Bitcoin ETF approval, there was a net inflow of over $12 billion. The price reached an all-time high of $73,777. Hundreds of millions of dollars increased BTC demand, creating 20-40 times the daily issuance demand. What will happen with Ethereum?
As the approval likelihood from the U.S. Securities and Exchange Commission becomes clearer, NEXO executive Andrey Stoychev said it would be a significant price catalyst. The ETF price has already increased by nearly $1,000 since its last local low.
“ETH ETFs in the U.S. and similar products in Asia could drive the asset to $10,000 by the end of 2024, matching Bitcoin’s post-ETF performance.”
Future of ETH
Ether rally began after the SEC requested exchanges to update their 19b-4 filings. Bloomberg’s James and Eric reported this late yesterday. According to Nexo’s Stoychev, it is still difficult to be sure of the timeline for a potential spot Ether ETF.
“This apparent change in perception towards Ether ETFs may indicate a shift in the SEC’s stance. A speculative reason could be the upcoming U.S. presidential elections, emphasizing the decisive role of crypto users, especially in swing states.”
However, it also highlights that the process of opening ETFs for trading could extend until 2025. ETF analyst James Seyffart stated:
“We also need S-1 approvals. Seeing S-1 approvals and thus a live ETH ETF could take weeks or months… However, if we are correct and see these theoretical approvals within this week, it should mean that S-1 approvals are a matter of ‘when’ not ‘if’…”
