Ethereum Price Prediction – What’s Next for ETH as SEC Approves Ethereum ETFs

The market, which had been wagering until a week ago that Ethereum ETFs would be denied this week, was astonished to learn that the US SEC had approved spot Ethereum ETFs. As a result, the price of Ethereum (ETH) is moving erratically in late Thursday activity.

As of right now, Ethereum was trading for about $3,800. That is both considerably higher than the previous session low of $3,520 and sharply lower than the previous session highs of over $4,000.

The price of Ethereum is up 24% so far this week. On Monday, there were first rumors of an SEC u-turn.

This was followed in the next several days by a flurry of activity from the SEC and ETF issuers.

In the meanwhile, traders are betting heavily that ETFs will promote ecosystem expansion, which is driving up the price of Ethereum.

The SEC’s approval of eight spot Ethereum ETFs on Thursday marked the culmination of everything.

Why Spot Ethereum ETF Approval is Important?

The establishment of an Ethereum exchange-traded fund (ETF) in the United States is expected to attract institutional investors, driving up the price of Ethereum.

Bitcoin, as traders will remember, soared to new record highs with the approval of spot Bitcoin ETFs earlier this year.

So, it’s possible that Ethereum’s price will rise soon after. Its all-time high is close to $4,900, a 28% increase from where it is now.

More money will be able to flow into the Ethereum ecosystem as a result, which should lead to increased use, activity, and innovation.

Ethereum ETFs should contribute to Ethereum’s dominance among blockchains that enable smart contracts.

Ethereum Price Prediction–What’s Next for ETH?

Some short-term selling pressure may occur if the approval of spot Ethereum ETFs is confirmed.

What transpired when spot Bitcoin ETFs were approved earlier this year is similar to that.

Before cashing out, some traders want confirmation of a positive catalyst in the market.

If Ethereum ETFs are well-received when they launch, the price of ETH might shortly surpass $4,000.

Many traders shorted Ethereum (ETH) instead of other cryptocurrencies due to regulatory uncertainty in the US.

Earlier this year, rumors circulated that the SEC was trying to get Ethereum classified as a security.

However, everything is now crystal apparent due to the approval of spot Ethereum ETFs. Just like Bitcoin, Ethereum is a digital commodity.

There are a lot of shorts that have to be unwound, which might keep the market running.

Furthermore, technical analysis of cryptocurrencies indicates that a return to the March highs around $4,100 is probable, as the market has broken its downtrend from March to mid-May and is now above its 21 and 50DMAs.

There could be a swift surge up to the highs of $4,900 in 2021 after this barrier is broken.

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