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The Ethereum price has jumped by nearly 5% in the last 24 hours to trade at $3,369 as of 04:31 a.m. EST as analysts anticipate the approval of spot Ethereum ETF (exchange-traded fund) investment vehicles this week
The President of ETF Store, Nate Geraci, said the US Securities and Exchange Commission (SEC) will greenlight Ether ETFs this week after the issuers file their amended S-1 registration statements.
“Don’t know anything specific, just can’t come up with a good reason for any further delay at this point,” he said.
Welcome to spot eth ETF approval week…
I’m calling it.
Don’t know anything specific, just can’t come up w/ good reason for any further delay at this point.
Issuers ready for launch.
— Nate Geraci (@NateGeraci) July 14, 2024
Earlier this month, Bloomberg analyst Eric Balchunas said ETH ETFs would likely be approved by July 18, while his colleague James Seyffart said approvals would come during the week starting July 15.
Whales Move ETH Ahead of Spot Ethereum ETF Launch
Large Ether holders are moving their coins as the market awaits Ether’s price to react to a possible approval this week.
According to Whale Alert, an Ethereum whale address moved 9,438 ETH tokens worth $31 million to the Binance exchange today, July 15.
Two other whale addresses moved over 10,000 ETH each, valued at over $70 million, to Coinbase.
These transfers indicate that large investors are positioning themselves to trade ETH if the launch is confirmed this week.
According to trader @DaanCrypto on X, the approval will ignite bullish sentiment that will push ETH prices higher, as was seen with spot BTC ETFs.
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