Ethereum Price Prediction as Bloomberg Analyst Expects S-1 Approval By July 2nd – Will ETH Rally?
Ethereum is currently hovering slightly below its pivot point of $3,540, trading at $3,536. Bloomberg ETF analyst Eric Balchunas has raised eyebrows by predicting that spot Ether ETFs could begin trading as early as July 2nd.
This unexpected acceleration comes after reports that the SEC staff has given S-1 responses to ETF issuers, with Balchunas describing the comments as “pretty light” and “nothing major.”
Balchunas believes the SEC could finalize approvals before the Independence Day holiday weekend, significantly sooner than the September timeline previously indicated by SEC Chair Gary Gensler.
The approval of spot Ethereum ETFs in May came as a surprise to many, given the SEC’s long-standing resistance to such products. However, with the first hurdle of 19b-4 filings cleared, issuers are now awaiting approval of their S-1 registration statements before trading can commence.
S-1 Expected To Be Approved By July 2nd According To BBG Analyst Eric Balchunas: Tweet
— Tree News (@News_Of_Alpha) June 14, 2024
The prospect of these ETFs launching has sparked optimism among investors, with some predicting a significant rally in Ethereum’s price. Some analysts even foresee ETH reaching new all-time highs of $5,000-$10,000 this summer.
Key points:
- Spot Ether ETF launch could happen as early as July 2nd.
- SEC comments on S-1 forms described as “pretty light” and “nothing major.”
- Approval could be finalized before Independence Day weekend.
- Analysts predict potential surge in Ethereum’s price following ETF launch.
However, it’s important to note that not everyone shares the same level of confidence. Some experts believe that spot Ether ETFs won’t see the same day-one inflow as spot Bitcoin ETFs due to the complexities of valuing Ethereum’s diverse use cases.
Despite the uncertainties, the potential launch of spot Ethereum ETFs marks a significant development in the cryptocurrency market. Investors should closely monitor the situation as it unfolds, as it could have a profound impact on Ethereum’s price trajectory.
Ethereum Price Prediction
Ethereum is currently trading around $3,536, slightly below the pivot point of $3,540, suggesting a bullish Ethereum price prediction. The cryptocurrency faces immediate resistance at the downward trendline (around $3,580) and the 50-day EMA at $3,581, followed by $3,674 and $3,723.
On the downside, immediate support lies around $3,480, followed by $3,400 and $3,300.
The Relative Strength Index (RSI) stands at 51, suggesting a neutral momentum. However, the downward trendline and the 50-day EMA acting as resistance indicate a cautious outlook.
If ETH can break through these levels, further upside potential could be unlocked. Conversely, a failure to break above could lead to a retest of the support levels.
Sealana Presale Nears End: Solana’s Rising Meme Coin Draws Over $4 Million
Sealana (SEAL), the Solana-based meme coin with a gun-toting, Trump-supporting seal mascot, has quickly gained traction in the crypto market.
The project has successfully raised over $4 million in its presale, attracting a growing community of over 8,000 followers on its official X account.
With a unique approach and strong community backing, Sealana is positioning itself as the next big meme coin on the Solana network.
The project’s recent launch of an Ethereum version of its token further expands its reach and potential for growth.
Currently priced at $0.022, SEAL tokens are expected to experience a significant price increase upon listing on exchanges, making this a limited-time opportunity for early investors. Don’t miss your chance to be part of the Sealana phenomenon before the presale ends in just over 10 days!
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
