Analyst predicts ETF approval this week, Ethereum breaks through $3,300

Author: Tom Mitchelhill, CoinTelegraph; Compiled by: Baishui, Golden Finance

The price of Ethereum has surpassed $3,300 amid expectations that a spot ETH exchange-traded fund (ETF) could launch as soon as this weekend.

According to TradingView data, ETH is currently trading at $3,331, up 16% from its price of $2,909 last week.

Ahead of the launch of the much-anticipated ETF, ETH rose 13.7% last week. Source: TradingView.

ETF analyst and ETF Store President Nate Geraci predicted to X that 8 spot ETH ETFs will be launched by the end of this week.

"Welcome to ETH ETF approval week. Don't know the specifics, just can't think of a good reason for further delay at the moment," Geraci wrote in a July 14 X post.

Source: Nate Geraci

Consistent with Geraci, an anonymous source close to the proceedings noted on July 12 that the spot ETH fund is expected to launch before the end of this week.

Several issuers, including VanEck and 21Shares, submitted amended registration documents last week, hoping to receive final approval from the U.S. Securities and Exchange Commission to begin listing spot Ethereum ETFs.

Many analysts believe that the launch of ETFs will be a major catalyst for ETH prices in the coming months.

Tom Dunleavy, managing partner at cryptocurrency investment firm MV Global, noted that he expects these funds to attract up to $10 billion in new inflows within a few months of their launch, which would send ETH prices soaring to all-time highs by the end of the year.

Dunleavy also said that contrary to the general view of other ETF analysts, an Ethereum ETF would be an "easier sell" for Wall Street than a Bitcoin ETF. Source: Anthony Sassano "We believe buying pressure will be strong if traditional investors understand a clearer narrative. ETH has cash flow. It can be described as a tech stock, an app store for cryptocurrencies, or an internet bond," Dunleavy wrote. "This is an easier sell for financial advisors than 'digital gold.'" He added that ETH's price action -- which has lagged relative to bitcoin over the past 18 months -- will rebound quickly after the fund launches.