Ethereum Spot ETF Approval Could Spark ETH Price Rebound, Says Matrixport

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Matrixport expects the SEC to approve a spot Ethereum ETF this week.
It expects the approval to trigger a rebound in Ethereum’s price after recent gains were lost.
ETH trades at $3,039, a significant gain from the recent low of $2,826.01.

Market analysts at Matrixport are predicting that the U.S. Securities and Exchange Commission will likely approve the long-awaited spot Ethereum ETFs this week, potentially sparking a rebound for the cryptocurrency’s price.

The post examined the series of significant developments that began on May 20, when the SEC requested prospective ETF issuers to revise their applications. It highlighted that three days after the SEC’s initial request, on May 23, the commission approved the 19b-4 filings alongside the S-1 applications from the ETF issuers.

Notably, in the lead-up to the initial filings for Ethereum spot ETFs, the market value of ETH surged, rallying by nearly 30% from a low of $3,050 to a high of $3,943 in three days.

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