Ethereum ETF launch could push Ether to new all-time high, on one condition
- Ethereum analyst from venture capital firm says Spot Ethereum approval could come as early as this week, placing odds at 72.7%.
- A crypto analyst predicts 200% gains in Ether price, post the anticipated approval of the Spot ETF by the Securities & Exchange Commission.
- Ether sustains above $3,000 even as supply on exchanges surges to 2024 peak.
Ethereum (ETH) traders are watching two key events closely: the anticipated approval of the Spot Ether ETF and the activities of whales, the large wallet investors holding ETH.
An analyst has predicted that the odds of Spot Ether ETF is 72.7% this week.
Ethereum ETF launch, and on-chain activity
Analyst behind the X handle @DarkCryptoLord says that the odds of the SEC approving a Spot ETH ETF is 72.7% this week. ETH traders anticipate the ETF approval to act as a bullish catalyst for the altcoin’s price.
Eric Balchunas, Senior ETF analyst at Bloomberg shared his thoughts on the Ether ETF and said it remains unclear why the US financial regulator is taking so long.
Yeah, rn it’s all quiet on the Western Front re eth ETFs. Nada from SEC this week. Unclear why they taking such sweet ass time. Every issuer is ready. Docs are ready. It’s like a rain delay in baseball. Gotta just wait. Maybe things will move fast next week. We’ll see… https://t.co/o1ZSdIf1nE
— Eric Balchunas (@EricBalchunas) July 12, 2024
Santiment data shows that Ethereum supply on exchanges has climbed to its highest level in 2024. It is likely that Ether holders anticipate a rally in ETH price and are waiting to take profits.
19.23 million Ether is being held in wallets across crypto exchanges per Santiment chart.
 [18.37.15, 13 Jul, 2024]-638564747164432995.png)
Supply on exchanges vs. ETH price
Analyst predicts 200% gains in Ethereum
Analyst behind the X handle @follis_ notes the similarities between Ether chart and Bitcoin’s prior to the largest asset by market capitalization rallying 200%. If the Ether ETF garners as much attention and interest from institutional investors, as Bitcoin did, it is likely that the altcoin extends gains by 200%.
Everyone focussed on Germany and Mt Gox
— フ ォ リ ス (@follis_) July 9, 2024
Meanwhile the Ethereum ETF is about to launch and the $ETH chart looks identical to $BTC before it pumped 200% last year
Study ETF rallies pic.twitter.com/VWENNnO8dN
Altcoins related to Ethereum, staking tokens, staking tokens, Layer 2 scaling assets could extend gains alongside Ether. Bitcoin’s post-ETF gains reflected in assets like BRC-20 and related assets, if history repeats this could occur for Ethereum.
At the time of writing, Ether trades at $3,152 on Binance.
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