After several delays and obstacles, the spot Ethereum ETFs have finally been approved. The move has been dubbed a significant wave of change within the cryptocurrency realm, where mainstream users can now access a wide range of crypto without any further issues. At the same time, the aforementioned move ushers in new users into the sector, which can help boost ETH prospects to new highs. Now that the spot ETH ETFs are approved, here’s how Ethereum may fare this August.
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Coinbase CEO Reacts to ETH ETF Approval
The CEO of Coinbase, Brian Armstrong, took to X to share his opinion on the latest Ethereum ETF approvals. Armstrong reiterated his stance on ETH, claiming that crypto is certainly not a security. At the same time, he shared that his platform is ecstatic to be the custodian of eight of the nine approved ETFs.
Another huge step forward for regulatory clarity: ETH is not a security! We’ve been saying it for years, and today the SEC finally made it official. Coinbase is proud to be the trusted partner and custodian powering eight of the nine newly approved ETH ETFs.”
The official Coinbase page also quickly outlined the potential use cases and benefits of exploring ETH ETFs. The post outlined how such developments help empower the collective crypto realm.
“For investors, spot ETH ETFs provide access to a differentiated crypto asset with unique return characteristics. The Ethereum ecosystem is both robust, with 15+ million monthly active addresses, and expanding rapidly, with 300% growth in smart contracts deployed in 2023. By increasing usage of Ethereum, spot ETH ETF investors will help advance Ethereum’s utility and contribute to the development of the overall crypto ecosystem.”
Price Prediction for Ethereum (August)
According to CoinCodex, Ethereum is currently trading at a price threshold of $3,433, down 2% in the last 24 hours. With the spot Ethereum ETF approval, a new influx of funds is anticipated to be injected into the realm, which may significantly boost the ETH price.
Per CC, Ethereum may surge and spike to trade at $3,598.19. However, with new funds floating in, the ETH price could breach the predicted price thresholds with ease.
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“According to our current Ethereum price prediction, the price of Ethereum is predicted to rise by 3.37% and reach $3,598.19 by August 22, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 71 (greed). Ethereum recorded 18/30 (60%) green days with 5.43% price volatility over the last 30 days.”