Ethereum (ETH) Futures ETFs Could Launch Soon, Potentially Boosting ETH Price
In a surprising development, Ethereum (ETH) Futures Exchange Traded Funds (ETFs) are nearing approval and could be available for trading as early as October 3. This could have a significant impact on the price of ETH.
Bloomberg ETF expert Erich Balchunas suggests that the Securities and Exchange Commission (SEC) may expedite the approval process to avoid disruptions caused by a possible government shutdown. A shutdown, which could occur if Congress and President Biden fail to reach an agreement on the budget, would suspend most federal government functions.
Government Shutdown Looms, SEC Considers Fast-Tracking Ether ETFs
A government shutdown would not only affect its duration but also cause disruptions and delays in services provided by agencies like the U.S. Department of Housing and Urban Development (HUD). NBC reports that a shutdown is increasingly likely unless swift action is taken by Congress.
To preempt the impact of a potential shutdown, the SEC may accelerate the launch schedule for Ethereum ETFs. This aligns with their recent actions of postponing spot Bitcoin ETFs ahead of schedule. ETF issuers would need to submit their final prospectus this week for an effective launch as early as October 2.
Analysts Expect Accelerated Approval of Ether Futures ETFs
Bloomberg Intelligence analyst James Seyffart supports Balchunas’ perspective, expecting filings to indicate an accelerated launch of Ethereum Futures ETFs next week. These updates strengthen the likelihood of immediate approval for Ether futures ETFs, as suggested by a recent Bloomberg report that gave them a 90% chance of launching in October.
The crypto community eagerly awaits the official announcement from the SEC regarding the approval of Ether Futures ETFs, which could potentially have a groundbreaking debut by October 3.
ETH Price Shows Resilience and Positive Momentum
Ethereum (ETH) has experienced a notable upward movement in the past week, with a positive trend continuing in the last 24 hours. Over the past seven days, ETH has gained over 4%, and in the last 24 hours, it has risen more than 3%. Currently, ETH is trading at $1,662.
This price surge comes at a crucial time, as the monthly close approaches. A favorable outcome for Ethereum during this period could set the stage for bullish price action in October, especially with the potential approval of Ether Futures ETFs.
Breaking Resistance Levels Key to Bullish October
Although breaking the overall downtrend structure has been challenging for bullish investors, if ETH manages to close above the critical resistance level of $1,650, it would position itself favorably for a bullish October. Surpassing this level would instill renewed optimism in the market.
Hot Take: Ethereum (ETH) Futures ETFs Could Bring New Highs for ETH Price
The imminent launch of Ethereum (ETH) Futures Exchange Traded Funds (ETFs) could be a game-changer for ETH’s price. With potential approval by October 3 and positive market momentum, ETH has a strong chance of reaching new highs. The SEC’s possible fast-tracking of Ether ETFs to avoid disruptions caused by a government shutdown adds to the anticipation. Investors and the crypto community eagerly await official confirmation from the SEC. If approved, Ether Futures ETFs could mark a significant milestone for Ethereum and provide further fuel for its upward trajectory.
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