Ethereum tops $3.3K as analysts give ETF approvals this week.
The price of Ether rose to $3,300 and ETH exchange-traded funds (ETFs) could start as soon as this week.
Ether (ETH) is currently trading at $3,331 and has rallied 16% from last week's $2,909 price, according to TradingView data.
ETF analyst and president of ETF Repository Nate Geracchi took to X with the prediction that the list of eight position ETFs will launch later this week.
“Welcome to ETH ETF Approval Week. You don't know anything special, you can't come.” [with] Good reason for any further delay at this point,” Gerasi wrote in a July 14 X post.
In agreement with Jerasi, an anonymous source close to the process told Cointelegraph on July 12 that the spot's ETH funds are expected to launch later this week.
Several issuers — including VanEck and 21Shares — filed updated registrations last week in hopes of receiving the SEC's final signal to begin listing Ether ETFs.
Many analysts point to the ETF launch as a major boost in the coming months.
Related: Spot Bitcoin ETFs See Highest Flow Day in Over 5 Weeks
Tom Dunleavy, managing partner of crypto investment firm MV Global, told Cointelegraph that he expects the currency to attract up to $10 billion in new revenue in the months after launch, something that has seen Ether's price rise to new all-time highs. At the end of this year.
Dunleavy also said that contrary to popular opinion among other ETF analysts, the Ether ETF will be an “easy sell” for Wall Street compared to the Bitcoin ETF.
“We believe there will be strong buying pressure with a clearer narrative that traditional investors can understand. ETH has cash flow. It can be described as a tech stock, a crypto app store, or an Internet bond,” Dunleavy wrote in a Q2 investor note aeby Cointelegraph.
“This is a much easier sell to financial advisors than digital gold.”
He added that ETH's price action, which has fallen relative to Bitcoin (BTC) over the past 18 months, will quickly rebound following the launch of the funds.
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