Ethereum ETF Gets SEC Green Light, ETH Price Rebounds +11.3%
Table of Contents [Show]
Unlike the Bitcoin Spot ETF, which has been subject to approval delays, the US Securities and Exchange Commission (SEC) has reportedly signaled its approval of Ethereum ETF submissions based on a Bloomberg report.
This news is most likely the cause of the price of Ethereum rebounding +11.3% to a price of US$1,715.
SEC Gives Green Light Against Ethereum ETF Submissions
According to a Bloomberg report on August 18, 2023 at around 0600 GMT, citing an anonymous source familiar with the situation, the SEC is unlikely to block nearly 12 companies, including ProShares, Volatility Shares, Bitwise, and Roundhill that have applied to launch Ethereum ETFs.
This not surprising to us, we had said they would approve Ether Futures early on in race. Nice to be validated. Now what does it mean for spot? Hard to say beyond it shows that their views/policy/tolerance can change. https://t.co/JXCxNUpj2U
— Eric Balchunas (@EricBalchunas) August 17, 2023
It's still unclear which ETF applications from companies will be approved by the SEC, but some of those applications may be approved as early as October 2023.
ETF analyst Eric Balchunas said he was “not surprised by the SEC's move to approve Ethereum ETFs. This decision shows how the SEC's view of a different product, such as a spot Bitcoin ETF, can change over time.”
ETH Had Increased +11.3%
Before the report from Bloomberg was published, the price of Ethereum had dropped significantly to US$1,540. After the report was published, ETH rebounded +11.3% from US$1,540 to US$1,715. As of August 18, 2023 at 13.00 WIB, ETH is trading at US$1,679.
If the Ethereum ETF will be approved as soon as October 2023, then it is very likely that there will be an influx of funds into the Ethereum market. This indicates the possibility of a price appreciation against Ethereum.
But seeing the price movement that had dropped, ETH must claim the first resistance level at US $ 1,715 - US $ 1,750 first before going further. Ethereum ETF approval allows ETH to return to the price level of US$1,850.
0 Comments