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Ethereum (CRYPTO: ETH) is back above $3,300, fueled by a wider market rally and hopes of an imminent ETF launch.
What Happened: Ethereum is currently trading around $3,360, a 5.5% increase over the past 24 hours.
Nate Geraci, an ETF analyst and president of The ETF Store, stated that there’s no valid reason for any further delay in the launch of the eight spot ETH ETFs beyond this week. This prediction aligns with an unnamed source close to the proceedings who also anticipates the ETFs to launch by the end of the week per a CoinTelegraph report.
Several issuers, including VanEck and 21Shares, have revised registrations in the past week, hoping to secure the SEC’s final approval to list spot Ethereum ETFs. Analysts believe the launch of these ETFs could significantly influence ETH’s price in the coming months.
Tom Dunleavy, managing partner at crypto investment firm MV Global, told CoinTelegraph the funds could attract up to $10 billion in new inflows following their launch and potentially propel Ethereum to a new all-time high by the end of the year.
Also Read: Long-Inactive Bitcoin Wallet Unleashes $60M Amid Market Rebound, Stands To Profit 497X On Sale
Why It Matters: The anticipation of the ETFs comes amid a record inflow of over $17.8 billion year-to-date (YTD) into digital asset investment products per the latest CoinShares report. Bitcoin (CRYPTO: BTC) and Ethereum saw inflows of $1.347 billion and $72 million, respectively.
Crypto analyst Michaël van de Poppe presented a bullish outlook for Ethereum, describing the asset as having a “tremendously low valuation.” He pointed out a significant gap between the ecosystem's fundamental growth and the sentiment surrounding its price levels. This suggests that the launch of the ETH ETFs could bridge this gap and drive Ethereum prices to new heights.
These topics are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
What’s Next: Attendees of Benzinga’s upcoming Future of Digital Assets event on Nov. 19 will explore the influence of Ethereum as an institutional asset class.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
