SEC Chairman Gary Gensler Anticipates Spot Ethereum ETF Approvals By Summer’s End As This Casino Token Soars Toward $2 Million
Ethereum’s price has slightly increased in the past 24 hours, trading at $3,512 as of midnight EST, despite a 21% drop in trading volume.
This upward trend comes after comments from the SEC Chair Gary Gensler, who indicated that spot Ethereum ETFs are likely to receive regulatory approval throughout the summer.
The SEC approved the issuers’ 19b-4 filings on May 23. However, before the spot ETH ETFs can be launched, the regulator must also approve their S-1 filings.
Meanwhile, ProShares Trust III submitted its Ethereum Spot ETF S-1 application to the SEC on Tuesday. The possibility of ETH ETFs entering the market before October is promising news for the crypto industry, marking another significant regulatory milestone.
At this stage, investors remain bullish, with Framework Ventures co-founder Vance Spencer describing Ethereum as a “tech-style growth play” poised to become the app store of finance.
Ethereum Price Prediction
The Ethereum (ETH) price could rebound following a 10% decline that began on June 6. Ethereum (ETH) bulls are actively defending against further losses, as indicated by the Relative Strength Index (RSI), which is holding firm. If this momentum indicator can rise above the mean level of 50, a bullish wave may follow.
In this scenario, the 50% Fibonacci retracement level could act as a support of $3,451, with the potential for an extended upward move. A candlestick close above the 61.8% Fibonacci retracement level, the most critical retracement level, would confirm a further upward trend. Traders looking to take long positions on ETH should consider waiting for a stable candlestick close above this level in the one-day timeframe.
If ETH achieves this, the Ethereum price may target the 78.6% Fibonacci retracement level at $3,808. In a strongly bullish scenario, ETH could potentially rise towards the $4,076 mark, levels not seen since March.
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