Ethereum ETFs could be approved as early as July 18, according to Bloomberg analyst Balchunas

The potential approval of spot Ethereum exchange-traded funds (ETFs) in the United States has stirred up crypto industry analysts again. Ether, the native token of the Ethereum network, dipped below the $3,000 mark this week but appears to be slowly recovering. According to Bloomberg ETF analyst Eric Balchunas, this could be related to the approval of the Ethereum ETF, which the analyst believes could be approved as early as July 18.

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Wave of applications from major players

The recent wave of applications from respected parties such as VanEck and Grayscale has rekindled expectations for swift approval. Notably, the applications from 21Shares and the Grayscale Ethereum Mini Trust do not disclose any details on fees. Balchunas stated on X that the SEC had requested these applications on July 8, but that a disclosure of the costs was not yet necessary at that time.

Expected timeline for approval

According to Balchunas, the approval process will begin once the SEC provides its feedback on the S-1 filings to the issuers. He added:

“They will be providing guidance to issuers shortly, along with the roadmap, and then the documents will come back with the costs filled in (and any other missing details) and then it will be time for action.”

If Balchunas had to make a prediction for the approval date of spot Ethereum ETFs, his best guess would be July 18.

Ethereum price rises above $3,000

With the optimism surrounding the approval of spot ETH ETFs, the price of Ether rose from $2,900 to $3,100 in a short period of time. According to data from CoinMarketCap Ether is currently trading at $3,095 at the time of writing, with an increase of around 51.10% in trading volume. The current market cap of ETH is currently $372 billion.

Bears still in control

Despite the recent price increase, the relative strength index (RSI) for Ether is reading 37.32, indicating that bears are still in control of Ethereum’s price action. However, there is also visible buying pressure and a potential price increase. Bulls seem to have their eyes set on the approval of ETH ETFs before making their next move.

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