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Experts Bullish On Ethereum ETFs Launching July 4, Predicting Potential Surge Beyond $7,000
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Experts Bullish On Ethereum ETFs Launching July 4, Predicting Potential Surge Beyond $7,000

Ronaldo Marquez
Ronaldo Marquez
11 months ago
3 mins read
Ethereum

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As the highly anticipated launch of the first spot Ethereum ETFs in the United States nears, experts are predicting a significant price appreciation for the second-largest cryptocurrency in the market.

Ethereum ETFs On The Horizon

According to a recent Reuters report, the US Securities and Exchange Commission (SEC) could approve Ethereum ETFs as soon as July 4, as discussions between asset managers and regulators enter the final stages. 

Industry executives and other participants who requested anonymity due to the confidential nature of the talks revealed that the process of amending the offering documents has progressed to resolving only “minor” issues, and approval is “probably not more than a week or two away.”

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According to Morningstar Direct data, the launch of Bitcoin-based ETFs in the US in January was a major success, drawing around $8 billion in assets. By late June, these nine new products had nearly $38 billion in assets, although the holdings of Grayscale Bitcoin Trust – which converted its $27 billion BTC trust into an ETF simultaneously – dipped to $17.8 billion.

However, experts believe the launch of the new spot Ethereum ETFs may not be as impressive as the Bitcoin ETF debut. James Butterfill, head of research at Coinshares, noted that “Ethereum is not the same size in terms of market cap, nor does it have the same volumes” as BTC.

Given the differences in market size and nature of the two cryptocurrencies, Bryan Armour, an ETF analyst at Morningstar, believes inflows may be much more muted when the Ethereum ETFs launch.

“With Bitcoin, there had been pent-up demand for a decade, and investor interest was off the charts,” Armour said. “This just isn’t going to command the same excitement.” However, not everyone shares the same cautious outlook. 

ETH Eyes Potential Rally Toward $7,500

Quinn Thompson, the founder and CIO of Lekker Capital, has recently stated that the market is in the middle of “one of the most obvious and attractive crypto buying opportunities of recent memory.” 

Thompson further claimed that it was “cool” to be bullish in the past, but now, it appears that “Twitter has become a contest to see who can have the most negative ETH ETF take.” Thompson further noted:

Personally, I think ETH will reach $7,000 and BTC will make its first attempt at $100,000 by the election in November.

The Glassnode co-founders also shared a bullish price analysis for Ether, stating that if investors look at Ether’s history, similar patterns are developing as in the early stages of the 2021 bull market. 

They believe the current structure gives a target of around $7,500 as a final high for Ether, mirroring the Fibonacci extension seen in 2021 and implying a strong rally in Ether “soon!”

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Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52%

11 months ago

While caution remains regarding the possibility of further price declines, experts argue that such a scenario would require a new exogenous event to occur. Overall, market sentiment is leaning towards Ethereum reaching $7,000 and Bitcoin’s first attempt at $100,000.

Ethereum ETFs
The 1-D chart shows ETH’s price recovery. Source: ETHUSD on TradingView.com

At the time of writing, ETH was trading at $3,460, up more than 3% over the past 24 hours as the broader market recovers from the corrections seen over the weekend and into the beginning of the week. 

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

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