Ethereum Hits $3.3K with ETF Approval Expected This Week

• Ethereum surged 12.65% in the past week, rising from $2,972 to a high of $3,375.
• Nate Geraci from ETF Store predicts spot Ethereum ETF approval by the end of this week.

The global cryptocurrency community is buzzing with excitement as Nate Geraci, president of the ETF Store, predicts the imminent approval of spot Ethereum exchange-traded funds (ETFs). This anticipation has significantly influenced Ether’s market performance, ETH has climbed over the $3,300 zone.

Currently, Ethereum (ETH) is trading at $3,348, reflecting a 12.65% increase over the past week from the low of $2,972. This surge is partly driven by the expert’s expectations that the U.S. Securities and Exchange Commission (SEC) will greenlight eight-spot ETH ETFs by the end of this week. Industry experts, including Matt Hougan from Bitwise Asset Management, support Nate Geraci’s optimism. Hougan emphasized the minimal adjustments required in recent ETF filings, suggesting a high likelihood of approval.

Ethereum (ETH) Price Rally Expected

VanEck and 21Shares, among other issuers, filed amended registrations last week, aiming for SEC approval to list spot Ether ETFs. Industry analysts view the potential launch of these ETFs as a major milestone. They see it as capable of attracting significant institutional investment, mirroring the success observed with Bitcoin ETFs. Market analysts also believe that such a development could further boost ETH prices in the near future.

In terms of technical analysis, Ethereum’s daily chart indicates it is trading well above the 20-day exponential moving average (EMA) of $3,265, serving as a dynamic support level. Further, the relative strength index (RSI) stands at 78 on the daily chart and has spiked to 80.65 on the four-hour chart, reflecting strong buying momentum but also nearing overbought conditions in shorter time frames.

Moreover, with a daily trading volume of $13 billion and significant market interest, Ethereum appears poised for continued growth in the coming months.