- It looks like we could see ETH approval this week.
- The news of approval comes as space observers are confident.
The recent speculation that an Ethereum (ETH) ETF approval is imminent has sent shockwaves through the markets, resulting in Ethereum posting some of its most impressive price gains in recent weeks.
What’s interesting is that despite all this activity, social activity surrounding Ethereum has remained relatively quiet.
Is an Ethereum ETF Coming Soon?
Nate Geraci provided the latest speculation on Ethereum ETF approval this week, highlighting an optimistic outlook that isn’t driven by specific regulatory indicators, but by broader industry movements.
His confidence appears to have been further bolstered by recent actions by several ETF issuers, including VanEck and 21Shares, who filed amended registration statements last week seeking SEC approval to list physical ether ETFs.
This strategic move by the issuer is part of a trend in which institutions are quickly following the positive regulatory momentum created by the approval of Bitcoin (BTC) ETFs.
Jerassi’s belief reflects a broad consensus within the cryptocurrency community that the regulatory environment is ripe for new ETF approvals.
All trends look normal
Despite significant expectations about the potential approval of an Ethereum ETF, social indicators remained relatively stable.
According to AMBCrypto’s analysis of Social Dominance via Santiment, the highest point in the past two weeks was around 11%. So, of all the cryptocurrency-related conversations during that period, Ethereum was in 11%.
As of this writing, social dominance has declined slightly to around 9.4%, down from more than 10% the day before.
Source: Santiment
Additionally, social volume, a metric that measures the total number of mentions or posts about Ethereum across various social platforms, did not show any significant spike.
At the time of article publication, Social Volume is approximately 380.
Prices react to ETF approval news
Looking at Ethereum on a daily and hourly chart on AMBCrypto, we can see that the price trend is strengthening.
After a significant drop, ETH has started to bounce back and is in a notable uptrend. According to the latest data, it has risen by about $3.7, reaching around $3,360.
This is the highest price in almost two weeks and is located near the short-term moving average (yellow line).
The yellow line has acted as resistance near $3,400 and $3,500 over the past two weeks.
Source: TradingView
Read our Ethereum (ETH) Price Prediction 2024-25
The possibility of an Ethereum ETF being approved could be a key factor in ETH breaking through these resistance levels.
If the ETF is approved, it could significantly increase investor confidence, increase institutional participation, and potentially push prices back to all-time highs (ATH).