The trading of Spot Ethereum ETF is on the way, and there are already speculations of ETH hitting a 300% increase. Below, we will explore comprehensively the ETH ETFs and the different opinions and predictions of their price increase.
Spot Ethereum ETF Approval: Everything to Know
According to the latest information from Cboe, there are confirmations that the spot Ethereum ETFs could be launched on 23rd July on their exchange. From what they said, the Fidelity Ethereum Fund, the Franklin Ethereum ETF, the Invesco Galaxy Ethereum ETF, the VanEck Ethereum ETF, and the 21Shares Core Ethereum ETF will be traded on their platform.
As reported by WatcherGuru, the exchange said, “We are pleased to announce that 1 Exchange Traded Product (‘ETP’) will be listed on Cboe and will begin trading as a new issue on July 23, 2024.”
It is important to point out that the application for the ETH ETFs received 19b-4 form approvals back in May, but only the final details were missing. Now that it is set to be fully approved by July 23rd, Fidelity said they will be waiving their 0.25% till the end of 2024. Furthermore, Franklin Templeton also said they will waive their trading fees until Jan. 31, 2025, or the first $10 billion of the fund’s assets. 21Shares will also waive their 0.21% fee for the first six months or if they reach $500 million in assets.
With the final details about the spot Ethereum ETFs being known, let’s look at the price predictions for ETH upon ETF approval.
Is 300% Possible After Spot Ethereum ETF Approval?
There are speculations of Ethereum having a 300% increase, assuming the spot Ethereum ETFs are approved. With the current price of $3,540, there are mixed predictions about the price trajectory of ETH when the spot ETFs start trading.
According to Timothy Peterson, there’s a chance that Ethereum could go as high as $6,000 when the ETFs begin trading. If ETH should ever reach this level, that would be 170%, and still lower than the speculations of a 300% increase. Nevertheless, this would be great for Ethereum and the broader crypto market.
Moreover, Bitwise Chief Investment Officer Matt Hougan says there is a chance of ETH rising to $5,000 if the ETFs start trading in 2024. This will also be a 41% increase from its current value of $3,540. In fact, he is even predicting that the spot Ethereum ETF will have a bigger impact on the asset’s price than Bitcoin ETFs did for BTC.
More analysis from Coincodex provides more details on the price speculations of Ethereum as the ETFs begin trading. Coincodex says they expect Ethereum to increase by 66.59% and reach $ 5,814.02 by January 16, 2025. This is mainly because the general sentiment for ETH is bullish. Apparently, 27 technical analysis indicators are indicating bullish signals, while only 6 are showing bearish signals.
Conclusion
From the speculations and predictions of different personalities and crypto analysts, Ethereum having a 300% increase after the spot ETH ETFs is a stretch. This means the price has to reach over $10,000 from its current price of $3,540. However, from different price predictions, Ethereum only has the chance of getting to $6,000 before March 2024, assuming the ETFs are approved. There are already confirmations that 23rd July could be the date when the ETFs begin trading. If this happens, crypto enthusiasts won’t have much option than to wait and see how ETH turns out.
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