The time has come for Ethereum as SEC has approved Spot Ethereum ETF . It was a long journey of 5 months when SEC approved Bitcoin ETF, since then all eyes were focused on ETH ETF which finally happened. In the year of 2024 , its the second big victory for the crypto industry that we have achieved what we wished for.
Bitcoin ETF were approved in start of this year and now its mid of the year and another big achievement has arrived. As of Now When ETH ETF is approved it will be available to big companies which makes it possible to reach users worldwide.
There is no doubt that ETH is now available to the institutional investors at a large scale. There will be huge amount of funds will be flowing into the ethereum. The effect will show slowly in the coming days.
Ethereum price observed a significant increase in its price before the ETF approval. This is because big users already guessed that SEC will approve Spot ETH ETF that is why they loaded their bags in advance.
Right now when the Spot ETH ETF are approved, ETH price seems declining. Some People are complaining that the price should pump in response of the good news. The News is bullish for Ethereum , there is no doubt in it but its not the case how we think.
Ethereum price decline is normal just like Bitcoin when Spot Bitcoin ETF were approved. The decline in its price is temporary , eventually the price will rise as its just matter of time. Its just the beginning. Everything is under process right now.
It can take a little longer for spot ETH ETF to be functional as it requires paper work, the process takes time. But believe me once its up things will get heat up and we will see the positive change.
Ethereum is currently trading at $3700 per coin after making a high of $3900 and low of $3500. The crypto experts say that its price will hit as high as $6600. Looking at the approval of spot ETH ETF it is possible to reach that mark but it could take a little extra time.
Now we have to look on which could be the third cryptocurrency whose ETF is next to be approved. This will be interesting to guess. After Bitcoin we know that it would be Ethereum ETF which could be next and it came true but now its hard to guess the next crypto which could be the next spot ETF crypto that will be filed.
Spot Ethereum ETF approval has shon that crypto is getting powerful day by day. The adoption of crypto is happening fast which is good for the whole crypto industry. The Spot ETH ETF are bullish for its price as well as for the whole crypto markets.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
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About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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