How Will ETH Trade Ahead Of Spot Ethereum ETF Decision?
The potential approval of spot Ethereum ETFs remains on the minds of investors ahead of the Securities and Exchange Commission’s (SEC) deadline. Ethereum has recorded inflows in recent weeks alongside the wider cryptocurrency market. These gains are due to a shift in market sentiments as investors pour funds into certain assets.
A major rallying point for ETH is an anticipated approval of spot Ethereum ETF which is tipped to turn the tide in the asset’s favour. Several institutional investors have stressed on the inflows mirroring the success of spot Bitcoin ETFs this year.
How Will The Market Move?
The SEC has two major deadlines this month regarding the ETF approvals. Stakeholders closely monitor the direction of the Commission on May 23 and 24 when it will decide on the applications from VanEck and ArkInvest respectively.
At press time, ETH trades at $3,129, a 3% increase in the last 24 hours and a 7% growth this week. The asset saw sustained inflows in Q1 but dropped afterward following market fluctuations and sharp corrections. Since it is almost certain that approval of an Ethereum ETF will lead to a price rally, bulls continue to ignite inflows to the asset.
If the applications are denied, most market analysts expect sideways trading. This might not lead to wide corrections because of the bullish market sentiment as inflation cools. The cryptocurrency market cap stands at $2.43 trillion marking inflow in several quarters.
Potential Chances of Spot Ethereum ETF
According to an analyst at crypto exchange Coinbase, there is a 30- 40% chance of approval due to the upcoming U.S. elections and other factors. David Han explained that the market might underestimate the timing and potential approval of spot Ethereum ETFs.
“Ether may yet have the potential to surprise to the upside in the coming months [and] does not appear to have major sources of supply-side overhangs such as token unlocks or miner sell pressure.”
Ethereum has a year-to-date rise of 33%, a low figure compared to Bitcoin and Solana’s numbers. Last year, Solana also outpaced the asset growth with bulls waiting for an ETF approval.
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