- Spot Ethereum ETF issuers submitted their S-1 filings with the SEC on July 8.
- The Grayscale Mini Ethereum Trust and 21Shares did not include fee details.
- Eric Balchunas predicted spot ETH ETF approval by July 18th.
The prospect of spot Ethereum exchange-traded funds, (ETFs), gaining approval in the U.S. has ignited optimism in the crypto market, driving Ether’s price above $3,000.
Bloomberg ETF analyst Eric Balchunas predicts potential approval by July 18th, citing recent S-1 filings from major ETF issuers.
This recent wave of filings from big players like VanEck and Grayscale has everyone buzzing about an imminent approval. Interestingly, the filing from 21Shares, along with the Grayscale Ethereum Mini Trust offering, did not include any fee details. When someone on X (formerly Twitter) asked about this, Balchunas explained that the SEC requested these filings on July 8th, but fees were not necessary just yet.
Balchunas believes that once the SEC provides its input on the S-1 filings and sends them back to the issuers, the approval process will begin, adding:
They will give guidance back to issuers soon, along with the game plan. Then the docs come will come back with fees (and every other blank) filled it and then it’s Go time.
Additionally, Balchunas also said that if someone forced him to predict an approval date for spot Ethereum ETFs “gun to head style,” his best guess would be July 18th. Meanwhile, with optimism surrounding spot ETH ETF approval, the price of Ether, the native token of the Ethereum blockchain, surged more than 5%, reclaiming $3,000.
According to CoinMarketCap data , Ether is trading at $3,065 at the time of writing, with a 51.10% surge in the trading volume. The market capitalization of ETH stands at $368 billion.
Further, the relative strength index (RSI) for Ether reads a value of 37.32, confirming that the bears are still in control of the Ethereum price action.
However, the gradient of the line suggested that the buying pressure was increasing and the chances of higher prices were rising. ETH reclaimed the $3,000 price level after falling as low as $2,908. The buyers appeared to have their eyes set on ETH approval before making a move.
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