Ethereum (ETH) Price Prediction: Will the Bulls Maintain Control as Spot Ether ETF Approval Rumors Swirl?

In the past few days, Ethereum (ETH) has exhibited solid bullish momentum, with its price stabilizing above the $3,400 mark amid talks of a potential approval of spot Ether ETFs.

The price of Ethereum (ETH) has surged past the $3,400 mark on Monday amid talks of a potential approval of spot Ether ETFs by the United States Securities and Exchange Commission.

At least three out of eight asset managers are said to have received ‘preliminary approval’ from the SEC to roll out their spot Ether ETFs, according to a Reuters report. This adds to the anticipation of ETF approvals commencing on July 23.

The SEC’s approval is currently pending participants submitting their final pieces before the deadline this week, the report noted. Among the contenders were VanEck, Blackrock, and Franklin Templeton.

Major players like ARK 21Shares, Bitwise, Fidelity, Grayscale, and Invesco are also preparing to launch their Ether ETF products. All eight are expected to debut simultaneously, the report added.

Meanwhile, the price of ETH stood at $3,450.95 at press time, notching a gain of 1.7% in the last 24 hours and 10% in the past week. ETH’s trading volume surged 48.05% to $20.028 billion over the past 24 hours, as its price ranged between an intraday low of $3,339.80 and an intraday high of $3,498.22. The world’s second-largest cryptocurrency by market cap had a market cap of $409.648 billion.

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