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COINTURK NEWS > Ethereum (ETH) > Ethereum Price Surges Above $3,300 as ETF Launch Anticipation Grows
Ethereum (ETH)

Ethereum Price Surges Above $3,300 as ETF Launch Anticipation Grows

In Brief

  • Ethereum's price rose above $3,300 due to ETF launch anticipation.

  • Analysts expect significant price impact from the launch of Ethereum ETFs.

  • Tom Dunleavy predicts up to $10 billion in new inflows post-launch.

COINTURK NEWS
COINTURK NEWS 11 months ago
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Developments in the cryptocurrency market continue to attract attention. Accordingly, with the expectation that Spot Ethereum exchange-traded funds will be launched by the end of this week, Ethereum’s price rose above $3,300. Ethereum is currently trading at $3,331 and has increased by 16% from $2,909 last week, according to TradingView data.

Contents
What’s Happening on the Ethereum Front?Notable Statement from a Famous Figure

What’s Happening on the Ethereum Front?

ETF analyst and The ETF Store president Nate Geraci predicted on X that eight spot Ethereum ETF listings would open by the end of this week and shared the following on July 14:

“Welcome to Ethereum ETF approval week. I don’t know anything specific, but at this point, I can’t find a good reason for further delay.”

According to Geraci, an anonymous source close to the hearings said on July 12 that spot Ethereum funds are expected to be launched by the end of this week. Many issuers, including VanEck and 21Shares, submitted amended registration applications last week hoping to receive final approval from the SEC to start listing spot Ethereum ETF funds. Many analysts suggest that the launch of ETFs will be a significant factor for Ethereum’s price in the coming months.

Notable Statement from a Famous Figure

Tom Dunleavy, managing partner of the crypto investment firm MV Global, stated that he expects the funds to attract up to $10 billion in new inflows in the months following their launch and predicted that this would push Ethereum prices to all-time highs. The executive also said, contrary to the popular view among other ETF analysts, that Ethereum ETF funds would be an easier sell for Wall Street compared to Bitcoin ETF funds:

“We believe there will be strong buying pressure with a much clearer narrative that traditional investors can understand. Ethereum has cash flow.”

Dunleavy continued by saying that ETF funds could be described as a technology stock, a crypto app store, or an internet bond:

“This is a much easier sell for financial advisors than digital gold.”

The famous figure also added that Ethereum’s price movement, which has lagged behind Bitcoin over the past 18 months, would quickly recover following the launch of the funds.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 15 July, 2024 - 10:20 am 15 July, 2024 - 10:20 am
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