- Ethereum strengthened its recovery trajectory with price fluctuations indicating seller exhaustion.
- Bullish speculators are hoping the debut of a U.S.-based spot Ethereum ETF will spur a bullish reversal.
Ethereum [ETH] Ethereum traded higher on July 9 after an eventful day the previous day, which saw the proposed issuer of a U.S. spot Ethereum exchange-traded fund (ETF) submit an amended registration form.
VanEck, 21Shares, Franklin Templeton, Grayscale, Fidelity and BlackRock have all filed updated S-1 forms, joining Bitwise, which was the first to file an updated registration statement last Friday.
US Spot Ethereum ETF Listing Approaching
Grayscale has filed two amended applications for the Grayscale Ethereum Trust (ETHE) and the Mini Trust.
Invesco was the only company to miss the July 8 deadline set by the U.S. Securities and Exchange Commission last month, returning initial registration forms from issuers with corrections that needed to be made before they were resubmitted.
Grayscale is different announcement The company informed investors that the first issuance and earliest distribution of shares for its new Ethereum Mini Trust (ETH Trust) will take place on July 18.
Source: Grayscale
The asset manager also confirmed in the announcement that it plans to list the ETH Trust on NYSE Arca, pending approval.
Another hurdle before that time comes
As for next steps, Bloomberg ETF analyst Eric Balchunas said the SEC will review the refiled registration statement and present the issuer with a plan for an eventual listing.
Balchunas I have written Regarding X,
“[The] The SEC required the S-1 on July 8 but told issuers there would be no fee. [necessary] Not yet. They will get guidance back to issuers with a game plan shortly. Then the paperwork will come back with the fees (and all the other blanks) filled in and they will put it into action.”
The market was eagerly waiting for the final go-ahead to allow the spot Ethereum ETF to begin trading.
Balchunas predicted the proposed ETF could launch as soon as July 18, but the exact timeline would depend on feedback from U.S. federal securities regulators.
Balchunas added:
“We have yet to hear what the SEC game plan is, so a new start date for the over/under has not yet been determined. […] But if you held me at gunpoint and forced me to guess a date, I would pick July 18th.”
CoinShares released its weekly digital asset fund flow report on July 8th, I got it. Total inflows into Ethereum-based investment products reached $10.2 million last week.
Source: CoinShares
The report also ranked Solana top among listed assets in terms of weekly crypto flows, with inflows of $16.3 million compared to $10.2 million for Ethereum.
Notably, VanEck and 21Shares have each applied for approval of spot Solana ETFs (the VanEck Solana Trust and the 21Shares Core Solana ETF).
The Chicago Board Options Exchange (CBOE) filed two Forms 19b-4 with the SEC for its VanEck and 21Shares products on July 8. VanEck and 21Shares filed SEC Forms S-1 on June 27 and June 28, respectively.
ETH/USDT Technical Analysis
ETH briefly retested the support zone around $2,800 to $2,850 on July 8 before bouncing back above the psychological $3,000 level before the end of the daily session.
The recovery up to the time of writing is due to the bulls successfully defending the long-term support zone that was held from April until mid-May.
Source: TradingView
Stable prices over the past 24 hours support technical indicators and signals pointing to a potential bounce.
Ethereum [ETH] Price forecast 2024-2025
On the hourly chart, the ETH/USDT pair has formed a W-shaped double bottom pattern above the critical support seen over the weekend, suggesting a bullish reversal.
Source: TradingView
The long wick candle near the critical support of $2,800 to $2,850 further suggests exhaustion of sellers in that zone and a possible trend reversal to the upside.
