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SEC Greenlights Ethereum ETFs: Price Forecast Predicts ETH Could Hit $9,600

Ethereum

Last updated: July 23, 2024 13:35 EDT

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated:

July 23, 2024 13:35 EDT

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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.

Grayscale Ethereum

The SEC’s green light for Ethereum ETFs has sparked a frenzy of activity in the crypto market. Major players are strategically positioning themselves, anticipating a surge in demand.

This landmark decision has also ignited optimistic price predictions, with some forecasting ETH could reach as high as $9,600.

Amidst this excitement, institutional giant Grayscale transferred over $1 billion of ETH to Coinbase, while a dormant “whale” holding $3.3 million has resurfaced, signalling potential market shifts.

SEC Approves VanEck Ethereum ETF, Grayscale Launches ETH ETFs on NYSE

The SEC has approved the VanEck Ethereum ETF, marking a significant milestone for the cryptocurrency market.

This approval follows a series of regulatory filings and amendments by VanEck, dating back to May 2021.

the ether exists in the context of all in which the ether lives and what came before the ether

— VanEck (@vaneck_us) July 23, 2024

Other key filings leading to this approval include the Prospectus under Rule 424(b)(3) and multiple amendments to Form S-1.

VanEck began pushing for a spot Ether ETF in May 2021.
Prospectus under Rule 424(b)(3) and multiple amendments to Form S-1 were filed.

Grayscale transfers over $1 billion of ETH to Coinbase

Following the SEC’s approval, Grayscale, a leading digital asset management firm, has transferred over $1 billion worth of ETH to Coinbase, a popular cryptocurrency exchange.

This move suggests institutional anticipation for increased demand for ETH as ETFs become available.

Adding to the excitement, a dormant ETH wallet, untouched since the initial coin offering (ICO) nine years ago, has suddenly become active. This “whale,” holding a substantial amount of ETH valued at $3.3 million, may be preparing to sell as the ETF trading begins.

Eth ETF race has already begun w/ a transfer from $ETHE to its mini-me = $ETH gonna begin its life w/ $1b and a category-low 15bp fee. That’s a new variable in this race that we didn’t have in btc race. https://t.co/7v6kh8Kw5Q

— Eric Balchunas (@EricBalchunas) July 22, 2024

Dormant ETH ICO whale activates wallet with $3.3 million of ETH: Similar activity is seen with dormant Bitcoin wallets, indicating a broader trend of large holders potentially liquidating their assets.

Ethereum Price Forecast

Ethereum (ETH), the second-largest cryptocurrency, is currently trading at $3,415.15. It has recently dipped below a key price level of $3,440, which could indicate further price decreases. Think of this as a support beam breaking in a building – it can lead to further instability.

Currently, ETH seems a bit oversold, meaning it might be temporarily undervalued and could bounce back a little. It’s like a rubber ball hitting the floor – it’s likely to bounce back up before settling. However, if it can’t climb back above $3,475, we might see it fall to lower levels like $3,390, $3,299.78, or even $3,234.77.

So, what does this mean for you? If you’re thinking of selling ETH, below $3,475 might be a good entry point. But, keep an eye on that $3,475 level. If ETH goes above it and stays there, the price might actually increase instead.

Ethereum’s recent ETF approval is fueling excitement in the crypto market. But while institutional investors make headlines, there’s another corner of the crypto world buzzing with potential: meme coins.

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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.