Given the differences in market size and nature of the two cryptocurrencies, Bryan Armour, an ETF analyst at Morningstar, believes inflows may be much more muted when the Ethereum ETFs launch.“With Bitcoin, there had been pent-up demand for a decade, and investor interest was off the charts,” Armour said.“This just isn’t going to command the same excitement.” However, not everyone shares the same cautious outlook. ETH Eyes Potential Rally Toward $7,500 Quinn Thompson, the founder and CIO of Lekker Capital, has recently stated that the market is in the middle of "one of the most obvious and attractive crypto buying opportunities of recent memory.” Thompson further claimed that it was “cool” to be bullish in the past, but now, it appears that “Twitter has become a contest to see who can have the most negative ETH ETF take.” Thompson further noted: Personally, I think ETH will reach $7,000 and BTC will make its first attempt at $100,000 by the election in November.
The Glassnode co-founders also shared a bullish price analysis for Ether, stating that if investors look at Ether’s history, similar patterns are developing as in the early stages of the 2021 bull market. They believe the current structure gives a target of around $7,500 as a final high for Ether, mirroring the Fibonacci extension seen in 2021 and implying a strong rally in Ether “soon! ” Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% While caution remains regarding the possibility of further price declines, experts argue that such a scenario would require a new exogenous event to occur.
Ethereum ETFs On The Horizon According to a recent Reuters report, the US Securities and Exchange Commission (SEC) could approve Ethereum ETFs as soon as July 4, as discussions between asset managers and regulators enter the final stages. Industry executives and other participants who requested anonymity due to the confidential nature of the talks revealed that the process of amending the offering documents has progressed to resolving only “minor” issues, and approval is “probably not more than a week or two away.” Related Reading: Bitcoin Battling Bearish Headwinds: Is The Sell-Off Over?
The story "Experts Bullish On Ethereum ETFs Launching July 4, Predicting Potential Surge Beyond $7,000" has 543 words across 70 sentences, which will take approximately 3 - 5 minutes for the average person to read.
Which news outlet covered this story?
The story "Experts Bullish On Ethereum ETFs Launching July 4, Predicting Potential Surge Beyond $7,000" was covered 3 days ago by NewsBTC, a news publisher based in United Kingdom.
How trustworthy is 'NewsBTC' news outlet?
NewsBTC is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United Kingdom and publishes an average of 4 news stories per day.
It's most recent story was published 13 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
