ETH Price Holds Firms Above $3,700 Despite Ethereum ETF Uncertainty, What’s Next?

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Ethereum, the world’s second-largest cryptocurrency, experienced significant growth over the past week, surpassing $3,700 with a rise of over 10%. Currently, Ethereum is valued at $3,704, representing an 8% increase from its previous price. With a market capitalization of $444 billion, Ethereum has already climbed 61% in value since the start of the year.

ETH Price Rallies With Ethereum ETF Expectations

In the past few weeks, Ether has drawn attention in the crypto world due to a notable price increase, fueled by rumors about possible approvals of US exchange-traded fund (ETF) applications for the token.

Traders are keeping a close eye on developments, hoping for an Ethereum price surge if the Securities and Exchange Commission (SEC) gives the green light to exchange-traded funds (ETFs) that directly hold Ether. Big players like BlackRock Inc. and Fidelity Investments have already applied for these funds, but it’s still unclear when or if regulatory approval will be granted.

In a comparable manner, the SEC’s approval of spot Bitcoin portfolios hinged on the strong connection between CME Bitcoin futures prices and Bitcoin’s price fluctuations. This link was deemed adequate for identifying fraudulent acts and market manipulations.

James Seyffart, an analyst at Bloomberg specializing in ETFs, reports that Defiance Investments has submitted an SEC filing to launch a 2x leveraged Ethereum futures ETF. If approved, this ETF could begin trading as early as late June.

A Defiance ETF proposal has been made for a 2x leveraged Ethereum futures fund. If approved, it may be traded using the ticker symbol $ETHL.
— James Seyffart (@JSeyff) April 8, 2024

ERC20 Assets In Limelight

According to recent reports from on-chain data provider Santiment, Ethereum’s robust start to the week has caused ERC20 tokens to outperform the broader markets with an impressive 8.1% growth over the past week. Notable gainers include TON, up by 21%, as well as LDO and ENA, which have surged by 12% each.

ETH Price Holds Firms Above $3,700 Despite Ethereum ETF Uncertainty, What’s Next?

NFTs built on the ERC20 standard are gaining renewed interest following a quiet spell. There are ongoing discussions about Ethereum’s prospects for expansion, worries about network overload and high gas fees, as well as excitement surrounding the potential approval of the world’s first Ethereum staking ETF in Canada.

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2024-04-09 08:53