The community is speculating that an Ethereum ETF will eventually enter the market, following in the footsteps of the Bitcoin ETF. The committee approved 11 applications on January 10, 2024, allowing investors to send their funds to Bitcoin without hesitation. Speculations suggest that the Ether ETF will be the next big thing as it is the second largest token in valuation after Bitcoin. Plus, we already have the support we need from the global community.
The Ethereum ETF may soon cross the finish line. The long-awaited product also provides predictions and news about the token.
latest buzz
ETH is trading at $2,233.48, down 0.31% over the last 24 hours. Considering it was listed at $2,400 just a few days ago, it’s disappointing to see the token trading at that value. It was easy to hold that mark when BTC was in free fall. But the inevitable happened. The token is below that mark.
Here are more stories about Ethereum:
As of this writing, it has been revealed that the SEC has postponed its ruling on the Fidelity ETF until March 5, 2024, with no comment on BlackRock’s efforts. It is currently unclear whether a Spot Ethereum ETF will be launched. Analysts predict that another extension will likely be approved by the end of the year.
- Limbo’s Ethereum Classification
There is little clarity about Ethereum’s position (security or commodity). This has resulted in proposals being subject to rigorous scrutiny before being promoted to a higher level. Bitcoin was an easier option for the SEC to liquidate, but ETH tells a different story. If the Commission acknowledges that ETH is not a security, the proposal will proceed.
The banking giant predicted that an Ethereum ETF would not be approved before May 2024. Interestingly, that is when the Bitcoin halving could occur. Assuming the two events occur in quick succession, the cryptocurrency’s bull run will be triggered immediately.
Other buzz What happens in anticipation of the Ether ETF has to do with the XRP ETF. The community then waits for each new cryptocurrency to enter the market.
lighthouse of hope
An Ethereum ETF appears likely to launch, but in reality, we discuss lessons learned from the SEC approving a Bitcoin ETF. The Commission is likely to make it easier for asset managers to approve ETF applications. It removes legal obstacles and makes them useless.
The SEC did the same, minus the ongoing legal battle with Ripple and Grayscale. This may continue for some time.
SEC Commissioner Hester Peirce confirmed the pledge, adding that she hopes to never make that mistake again. This is interpreted as reflecting industry opinion. If that happens, the community can expect smooth sailing for the Ethereum ETF, unlike the Bitcoin ETF.
that much Crypto Mom The announcement sparked signs of hope.
Price Predictions and Forecasts
There are three perspectives on predictions and prospects for ETH. There is optimism, warnings about the roller coaster ride, and suggestions on how traders can play the game.
The approval of the Ether ETF is likely to trigger an increase in the value of ETH, positively pushing the price of ETH to the $4,800 milestone. This is an estimate. Ethereum Predictions It is based on the assumption that all factors, both micro and macro, work in its favour.
Volatility won’t find its way out anytime soon. The recent decline in BTC shows this even more clearly. Regardless of how long it takes for the Ether ETF or when the product is launched, ETH will experience major fluctuations on the charts.
Cryptocurrencies have proven beneficial for short-term traders on several occasions. Owning digital currencies typically requires a longer path. This means that holding BTC, ETH or other tokens in a wallet is only beneficial if the holder is not encumbered by short-term profits. Instead, they apply the fundamentals of long-term holding.
The priority is to keep ETH above $2,500. This would pave the way for it to exceed $4,500.
Beyond the headlines
DeFi and Web3 games are making headlines and driving cryptocurrency adoption. It is largely the Web3 gaming sector that is engaging billions of users and driving the adoption of digital tokens.
DeFi has helped with financial inclusion. The expansion is linked to the rise of cryptocurrencies. One could argue that the wider the DeFi ring becomes globally, the more cryptocurrency exposure there will be. Seasoned VC Vance Spencer assisted with the expansion. This is based on a reasonable prediction that Web3 games will add 100 million active players by 2025.
conclusion
The Ethereum ETF story is unfolding over time. It is ideal to keep track of the latest developments so you don’t miss out on the benefits it has to offer. The Ethereum ETF could first see the green light in May 2024.