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Ethereum Spot ETF Approval Could Spark ETH Price Rebound, Says Matrixport

Market analysts at Matrixport are predicting that the U.S. Securities and Exchange Commission will likely approve the long-awaited spot Ethereum ETFs this week, potentially sparking a rebound for the cryptocurrency’s price.

#Matrixport 📈Today-Jul 8: SEC Will Likely Approve #ETH ETF This Week#CryptoFinance #cryptocurrency #Crypto #SEC pic.twitter.com/83WVrVjrOZ

— Matrixport Official English (@Matrixport_EN) July 8, 2024

The post examined the series of significant developments that began on May 20, when the SEC requested prospective ETF issuers to revise their applications. It highlighted that three days after the SEC’s initial request, on May 23, the commission approved the 19b-4 filings alongside the S-1 applications from the ETF issuers.

Notably, in the lead-up to the initial filings for Ethereum spot ETFs, the market value of ETH surged, rallying by nearly 30% from a low of $3,050 to a high of $3,943 in three days.

While these Ethereum ETFs have received initial approval from the U.S. regulator, the trading of the investment product remains pending as issuers update their registration statements. During this wait for final authorization for listing and trading, ETH has given up all the gains it accrued in late May amid the market-wide dip led by Bitcoin.

Market watchers have projected that the SEC’s approval would come this month, though nothing happened in its first week. Matrixport suggested that the SEC may have delayed its decision due to the July 4 holiday and the long weekend, extending the application review period into the week of July 8.
The crypto platform suggests that if the SEC acts this week and the Ethereum spot ETF begins trading, it could trigger a rebound in ETH price. At press time, ETH was trading at $3,039, a significant improvement from the low of $2,826.01 witnessed on July 5.

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