Ethereum ETF Approval Possible by July 18, Analyst Suggests

Top ETF analyst Eric Balchunas expects the date of the spot Ethereum ETF launch to be around 18 July. The expert expects one more round of corrections after ETF applicants submit their S-1 applications between July 8 and 10.
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Ethereum Decisively Above $3,000 as ETF Launch Nears

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.

Ethereum Price on 18 July 2024

Ethereum Price on 18 July 2024

CoinMarketCap

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.

Ethereum 4-Hour Charts on 18th July 2024

Ethereum 4-Hour Charts on 18th July 2024

Tradingview

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.

Ethereum ETF Launch Expected on 18 July

Bloomberg Analyst Eric Balchunas expects Ethereum ETFs to launch by the 18 of July 2024. The top analyst said the date was the most likely for an ETF launch since most applicants had already submitted their amended applications.

After the SEC made some comments concerning the S-1 applications, all applicants except one soon began re-filing their amended drafts between July 8 and 10. Bitwise had filed their amended S-1 application the previous week.

However, one critical component remained in the applications. Balchunas pointed out that the lack of fees, which had to be mentioned in the applications, shows that at least one more round of applications is being returned for correction.

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