Ethereum is on the verge of a major uptrend as applicants for spot Ether exchange-traded funds (ETFs) have submitted amended S-1 filings to the US Securities and Exchange Commission (SEC). Last week, the SEC sent comments to all applicants and requested responses within a week, bringing the launch of the first spot ETH ETF in the US closer. Ethereum has slightly gained by 0.1% in the last 24 hours, trading at $3,498 at 11:29 a.m. EST.
Asset managers such as BlackRock, Fidelity, Invesco Galaxy, Grayscale, and VanEck have submitted revised S-1 filings for Ether ETFs. Fidelity disclosed a $4.7M seed funding by one of its affiliate firms, FMR Capital, while BlackRock revealed a $10M seed investment. BitWise listed a potential $100 million investment from Pantera Capital on the day the ETF starts trading. The asset managers are engaging in a fee war, with VanEck proposing a 0.20% management fee for its Ether ETF.
The S-1 approvals are the final step towards launching an Ether ETF, following the SEC’s approval of 19b-4 forms filed by exchanges on May 23. The final approval is pending, with analysts predicting a possible approval by July 2. Bloomberg ETF analyst Eric Balchunas noted that several amended S-1 filings will be filed, with July 2 as the potential launch date for ETH ETFs.
The approval of spot ETFs is expected to trigger a significant uptrend in the price of Ether. Financial institutions issuing these products are likely to accumulate ETH, similar to what happened with Bitcoin ETFs, leading to a breakout in demand. Analysts believe that ETH’s price is set for a major rally, with the potential for a breakthrough towards $4,400 and a new all-time high. The price chart of Ether indicates a symmetrical triangle pattern, suggesting that the consolidation phase between $3,400 and $3,600 is over.
The growing demand for Ether is evident through the increasing number of active addresses, which has reached the highest level in three months at 617,170. This surge in active addresses is seen as a bullish signal for Ethereum’s price. With the anticipation of spot Ether ETFs being launched in the US, investors are optimistic about the potential rally in Ethereum’s price. The demand for Ether is expected to increase as more financial institutions offer ETFs, leading to a positive impact on the cryptocurrency’s price movement.
