Over the last seven days, Ethereum [ETH] has dropped by 7%. The largest altcoin took a hit similar to the rest of the market. At press time, ETH was trading at $3,090.81 with a daily surge of 0.33%. During its recent rally, the community expected ETH to revisit its all-time high of $4,891.70. But things did not go as expected. The real question is whether Ethereum will continue trading at its current level or witness an upgrade to $3,500 this weekend.
Changelly revealed that Ethereum will indeed have a bullish week ahead. The altcoin is expected to surge to a high of $3,172.27 following a 2.85% rise from its current levels. While the altcoin is still away from the $3,500 zone, the upcoming days could build ETF to reach its milestone.
Factors like market sentiment, regulatory concerns, and the launch of exchange-traded funds [ETFs] could boost the price of Ethereum.
Also Read: Upbit Lists Ethereum Name Service: A Market Impact Analysis
Ethereum ETFs To Hit the Market Sooner Than Later?
The Securities and Exchange Commission [SEC] and potential ETF issuers are arguing about “fewer and fewer” concerns in the S-1 filings, according to Katherine Dowling, chief compliance officer at Bitwise. Currently, there are eight spot Ether ETFs in the market. But Dowling also notes that the precise date is still pending. She said,
“We’re seeing in the S-1 amendments that there are fewer and fewer issues that are being vetted back and forth between issuers and the SEC. So that points all signs in the direction that we are close. We’re close to the finish line on the launch.”
Details on the issuer and the securities they want to offer are included in Form S-1s. When authorized, the Ethereum ETFs can go on sale.
Also Read: Ethereum ETF: Expert Predicts Official Launch in Next Two Weeks