Ethereum Soars Past $3.3K as ETF Approval Anticipation Grows

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Ethereum has skyrocketed past $3.3K, fueled by ETF approval anticipation.

YEREVAN (CoinChapter.com) — Ether has surged past $3,300, driven by the excitement that spot Ethereum exchange-traded funds (ETFs) might launch by the end of this week. Trading at $3,331, Ether has rallied 16% from $2,909 over the past week, according to TradingView data.

Nate Geraci Predicts Imminent Approval for Eight Spot ETH ETFs

Nate Geraci, ETF analyst and president of The ETF Store, predicted that eight spot ETH ETFs could be approved by week’s end. Geraci was confident of an ETF approval within the week, noting that he could not think of any reason the SEC would delay Ethereum ETFs any further “at this point.“

Several issuers, including VanEck and 21Shares, have filed amended registrations in hopes of receiving final SEC approval.

Tom Dunleavy Anticipates $10 Billion Inflow for ETH

The approval and launch of these ETFs could increase ETH prices in the coming months. Tom Dunleavy, managing partner at crypto investment firm MV Global, expects up to $10 billion in new inflows following the ETF launches. This influx could drive Ether price to new all-time highs by year-end.

Dunleavy believes Ether ETFs are easier to market to Wall Street than Bitcoin ETFs. He cited Ether’s cash flows, description as a tech stock, and role as the “app store of crypto” or an “internet bond” as the cues for his prediction.

Crypto Community Awaits ETH ETF Approval as Prices Surge

The crypto community is buzzing about the potential approval of spot ETH ETFs. Several industry experts have shared their views on their impact.

Anthony Sassano, an Ethereum supporter, emphasized the strong buy pressure expected once the ETFs are approved.

At the time of writing, Ether was trading near $3,350, reflecting a 4.33% increase over the past 24 hours. The market cap stands at $403.2 billion, a 4.34% rise. The 24-hour trading volume jumped 30.57% to $13.2 billion.