All Ethereum ETFs Approved, Listing on CBOE and NYSE on 23 July

Ethereum has jumped 2.38% in the last 24 hours with a corresponding trading volume of $16.5 billion over the week the top altcoin had gained 11% to reach $3501.

Within a few weeks after the launch of the ETFs, experts expect Ethereum price to reach $4000 and eventually cross its ATH of $4891 within a couple of months. Some experts even expect a price of $10,000 soon.

Broader markets have been bullish too. Over the last 24 hours, crypto market cap rose by 3.56% to reach $2.43 trillion.

The SEC has approved all the S-1 spot Ethereum ETF applications. Chicago Board Options Exchange has confirmed the launch of the ETFs on 23 July.

Among them, five (Fidelity, Franklin Templeton, VanEck, Invesco and 21Shares) will be listed on the Chicago Board Options Exchange, while the other two (Grayscale and ProShares) will be listed on the New York Stock Exchange. All the ETFs will have the same launch date i.e., Tuesday 23 July 2024.

SEC has reportedly approved two Ethereum ETFs, precisely one ETF and another Exchange Traded Trust Note (ETN). The ETF approved was from ProShares and the ETN approved was the Grayscale Mini Trust.

As per data revealed by the top crypto expert Markus Thielen, the Grayscale ETF had a fee of 2.5% which may result in $2-$5 billion in outflows. Other ETF issuers have reportedly kept their fee in the range of 0.2% - 0.25%.

Ethereum ETFs have been further delayed by one week as the SEC asks applicants to submit a final application, one with the fees. The final date for the approval is expected to be 23 July 2024. The last application submitted by all ETF applicants between 8 July and 10 July did not contain the fees.

The news was shared by Elija of the Elijaboom Podcast on X.com and was reshared by top ETF analyst Eric Balchunas.

In a tweet, Michael van de Poppe shared that Ethereum ETFs could bring about an ETH season. As Bitcoin's dominance peaks, the analyst expects Ethereum's dominance to grow further in the near future.

Crypto markets have been expecting an alt season since March this year.

With ripe speculations around ETF approval, Ethereum has finally crossed $3,000. Before this, ETH had fallen to $2,908 due to a marketwide selloff. However, an oversold market soon attracted buyers who saw an opportunity to accumulate ETH.

At press time, CoinMarketCap quoted the price of Ethereum at $3,100, up by 2% in the last 24 hours, with a trading volume of $14 billion for the corresponding period.

Also, according to technical charts, Ethereum's price showed bullish signals after ETH conquered $3,000. The 4-hour charts showed that Ethereum's price was stable and rising in the last few days.

A double bottom chart pattern had formed in the 4-hour charts. Combined with an uptrend in RSI and a score of 57, the charts painted a bullish near-term future.