Highlights:
- An expert has predicted that Ethereum spot ETF tradings will begin within a week.
- Positive sentiments from ETH’s ETF sales fuelling the token’s price recovery
- Ethereum and altcoins are on the verge of a massive boom, evidenced by many underlying drivers.
It is no longer news that the Ethereum (ETH) Exchange Traded Fund (ETF) sales kick-off is the most anticipated July event – The high expectation stems from the fact that it will positively impact Ethereum and altcoins. Hence, news about the ETF sales has been making rounds, shifting ETH’s market sentiment toward a positive sales direction. Consequently, Ethereum’s price has gained momentum, evidenced by its market readings.
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At the time of press, ETH has broken above $3,000 and is trading at about $3,120, courtesy of a 1.6% surge from the previous day. In addition, it boasts a market cap and a 24-hour trading volume of about $373.85 billion and $14.95 billion, respectively.
While Ethereum continues to show signs of recovery, an analyst recently asserted that the coin’s ETF sales will begin within a week. The expert took to his verified X handle to describe via a lengthy post why he anticipates the approval soon. In addition, he also detailed why Ethereum will skyrocket alongside the ETF sales.
Filed Updated S-1s Signify ETH ETF Sales Closeness
According to Ash Crypto, a renowned expert boasting over 1.1 million followers, Ethereum ETF sales are almost upon us. In his exact wording, he stated, “ETH ETF trading will now start within a week.” Citing a reason for his claims, the expert stated that all ETF applicants recently filed updated S-1s. For context, if approved, the filed updated S-1s will mark the final phase of the Ethereum ETF sales approval procedures.
Hence, all eyes will be on the Securities and Exchange Commission (SEC), as the final decision lies within the regulatory body. In a recent news publication, Geraci outlined a possible timeline for the SEC approval and the Ethereum ETF sales kick-off. According to him, after the revised S-1 form submissions, the SEC approval will likely happen around July 12. Subsequently, the ETF sales would likely begin on July 15, Geraci added.
Why Ethereum is on the Verge of Skyrocketing
Having asserted why he anticipates ETH ETF sales kick-off soon, Ash Crypto delved into why Ethereum seems poised for a boom. The market expert’s assertion stems from significant drivers.
ETH Exchange Supply is At 8 Year Low
Ethereum’s exchange supply has hit an eight-year low, which should invariably spew good fortune for the token. Notably, it implies massive accumulation and faith in the token’s surge potential. In addition, it is crucial for inducing scarcity, a significant ETH price appreciation driver. Still on ETH accumulation, Ash Crypto noted that traders moved about 335,000 ETH valued at about $1.03 billion from Coinbase last month.
MT. Gox, The German And The U.S. Government Roles
It is no longer news that the MT. Gox, the United States, and German governments have embarked on a Bitcoin sell-off spree. Mass token sell-offs have contributed significantly to the decline of the market. Unlike Bitcoin, Ash Crypto noted that Ethereum appears protected from the massive exchange dumping. According to him, MT. Gox, the United States, and German governments hold no ETH.
ETH ETF TRADING WILL NOW START
WITHIN A WEEK 🚨YESTERDAY, ALL ETHEREUM
APPLICANTS FILED UPDATED S-1's.ETHEREUM IS CURRENTLY TRADING
AROUND $3K AND HAS RETRACED
ALL OF THE ETF APPROVAL GAINS.HERE'S WHY ETH IS READY TO GO
BONKERS 👇➜ ETH EXCHANGE SUPPLY IS AT 8-
YEAR…— Ash Crypto (@Ashcryptoreal) July 9, 2024
Aside from the above factors, Ash Crypto’s assertion fuelers included Ethereum’s lack of consistent selling pressure from miners after switching to Proof-of-Stake (PoS). Also, ETH’s deflationary nature since its merge in 2022 makes the token unique.
In conclusion, Ash Crypto stated, “Once ETH starts to pump, altcoins will start getting momentum too, culminating in the biggest altcoins’ season.” He added, “This could take a few months, so till then, accumulate and don’t sell out of fear.”
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