Ethereum Price Nears $3,500 on ETH ETF Preliminary Approval News, What’s Next?
Ethereum touches $3,500 as SEC rumors to approve ETH ETFs on July 26. Can it continue rising?
Key Takeaways
- Ethereum ETFs could start trading next Tuesday.
- SEC approval is contingent on final documents by the week’s end.
- Ethereum’s price is nearing $3,500, according to ETF news optimism.
According to Reuters , the United States Securities and Exchange Commission (SEC) has reportedly granted “preliminary approval” to at least three asset managers. BlackRock, Franklin Templeton, and VanEck’s Ethereum exchange-traded funds (ETFs) could start trading as early as next Tuesday.
Nate Geraci, the President of ETFStore and the Co-Founder of ETF Institute, expressed his optimism on Sunday, announcing that this would be the week we see the final decision.
The price of Ethereum has reacted positively to this news, rising 10% in value and nearing $3,500. The rise was followed by a 4.34% decline to $3,347, but the overall prospect remains bullish.
Ethereum ETF By July 23?
The SEC’s approval is contingent on submitting the final offering documents by the end of this week. Other firms, such as Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy, are also preparing to launch their Ethereum products simultaneously.
The SEC has instructed issuers to submit their final S-1 filings by July 16. According to industry sources reported by Reuters, official approval is expected next Monday after trading hours, enabling the ETFs to start trading on July 23.
This process follows feedback from the SEC in late June and is consistent with comments from industry experts suggesting the approval is imminent. Bitwise’s chief investment officer predicts that the spot Ethereum ETFs could attract up to $15 billion in inflows within the first 18 months, mirroring the success of spot Bitcoin ETFs since their launch.
If approved, these ETFs will be listed on the Nasdaq, New York Stock Exchange, and the Chicago Board Options Exchange.
ETH Price Analysis
Ethereum‘s price surged from a descending trendline on May 17, escalating parabolically to nearly $4,000 by May 27—a 38% increase from its recent low of $2,870 on May 13. However, it soon experienced a downturn that led to a low of $2,830 on July 5.
The May 27 high suggests a potential double-top, indicating that the subsequent decline could initiate a larger corrective pattern. With the 4-hour chart RSI at an extremely oversold level of 11% on July 5, a bounce at the $2,800 area was anticipated.
We projected a target between $3,400 and $3,500, with two potential scenarios depending on the interaction outcome. Now that the price has come to that zone and resistance has been found, we will see which scenario is dominant.
The recovery from July 5 may only be the second sub-wave B of a larger ABC correction. If accurate, after the price reached the zone between the 0.5 and 0.618 Fibonacci levels around $3,500, it could continue its decline to a lower low, slightly above $2,000.
Alternatively, it should maintain trading above $3,200 on its current decline in a bullish scenario and find support, breaking above $3,500 resistance. If this happens, Ethereum could be on a trajectory to reach a new all-time high before this upward advancement ends.
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