Bloomberg analyst Eric Balchunas has confirmed that the launch date for the highly anticipated spot Ethereum ETF is now scheduled for July 2nd. This update follows positive feedback received from the SEC regarding the S-1 filings submitted by ETF issuers.
Accelerated SEC Review Process
Balchunas indicated that the SEC has begun providing feedback on the S-1 filings, signaling an expedited review process. He noted that the SEC aims to finalize the approvals swiftly, possibly before the upcoming holiday weekend.
Optimistic Outlook from SEC Chair Gary Gensler
SEC Chair Gary Gensler recently hinted at potential approval for S1 forms related to Ethereum ETFs during the summer. This signals a favorable regulatory environment for crypto investment products, as highlighted in his testimony before the Senate Appropriations Committee.
Institutional Optimism and Price Projections
VanEck, a prominent asset manager, projects a bullish future for Ethereum with a price target of $22,000 by 2030. This optimistic forecast is underpinned by expectations of Ethereum generating $66 billion in "free cashflows" over the next decade.
The introduction of spot Ethereum ETFs is expected to attract substantial institutional investments, with estimates ranging from $15 to $45 billion in inflows within the first year, according to Standard Chartered’s Geoff Kendrick. Singapore-based QCP Capital predicts a potential 60% price surge in Ethereum following the ETF approval, similar to the response seen after Bitcoin ETF approvals earlier this year.
Current Challenges in Ethereum's Price
Despite long-term bullish sentiment, Ethereum faces immediate challenges in breaking through the $3,550 resistance level. As of now, Ethereum trades at $3,544, with traders cautious amid its failure to surpass key resistance thresholds.
Analysts caution that if Ethereum fails to maintain support above $3,420, further downside towards the $3,250 level could be expected. These short-term hurdles contrast with the optimistic long-term outlook driven by institutional interest and regulatory developments surrounding Ethereum ETFs.