Ethereum News: Ethereum (ETH) Price Surges Amid Signs of Market Recovery; 21Shares Moves Forward With Spot Ethereum ETF Approval In Updated S-1 Filing
After a stressful week, the cryptocurrency market is showing signs of recovery. Bitcoin and other cryptocurrencies have stopped their steep declines, leading to a 4.15% increase in the overall market cap. Ethereum (ETH), has also increased by 5.09% in the last 24 hours.
Last week, Ethereum (ETH) followed Bitcoin’s downward trend, dropping 11.20% and falling below $3,000. It started weak at $3,454 and hit a low of $2,810 last Friday. Currently, Ethereum is trading at $3,075.05. Over the past month, Ethereum’s (ETH) price has fallen by 16.78%.
In early June, Ethereum was trading around $3,700 after breaking resistance at $3,000 and $3,500. However, as the market turned bearish, it dropped below $3,500 for the rest of the month.
Meanwhile, 21Shares, an investment asset management firm, has filed amendments to its S-1 under the timeline set by the SEC for a spot Ethereum ETF. As previously reported, the filing on Monday, July 8, indicates that 21Shares is progressing with the SEC’s feedback to launch the spot Ethereum ETF for trading.
Earlier, the SEC had returned S-1 registrations for spot Ethereum ETFs from 21Shares and other applicants with minor comments. The SEC requested the filers to resubmit amended S-1 documents by July 8, 2024, expecting that they would address the issues raised in the feedback. 21Shares responded promptly by submitting the necessary corrections in the afternoon on the deadline day.
Amid these developments, Nate Geraci, an ETF expert from the ETF institute, has suggested that the new filings could potentially alter the timeline for launching the ETF product. He also mentioned an expectation for the product to be available by July 15th, indicating that SEC approval of the recent filings may come within the next one or two weeks.
Market anticipation of these developments is already evident, particularly in Ethereum’s performance. As of now, Ethereum is trading at $3,071, showing a 5% increase over the last 24 hours, with trading volume up by 116% according to CNF Marketplace. The imminent launch of the spot Ethereum ETF is anticipated to trigger a significant bullish trend for the asset.
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