Ethereum Price Prediction: Slightly Bearish Outlook for the Next 24 Hours

The Securities and Exchange Commission (SEC) Expected Approval of Ethereum Spot ETFs

The Securities and Exchange Commission (SEC) expected final approval of eight exchange traded funds (ETFs) applications chugs along in the US. The approval of their registration statement is expected by July 4, according to the news agency Reuters. They are thereafter ready to be listed.

Market Forecast for Ethereum Spot ETFs

“As with Bitcoin Spot ETFs, once the SEC signs off, ETFs could start trading within 24 hours. The Bitcoin ETFs have received $14 billion of net inflows, and various comparisons - market cap, ETFs based on futures, etc. indicate that investors allocate roughly 20% of their Bitcoin exposure to Ethereum. Hence, we could expect $2.8 billion ($14 billion for BTC ETFs * 20%) to be allocated over five months into Ethereum Spot ETFs,” 10xResearch forecasts.

Key Players Interested in Ethereum Spot ETFs

Van Eck, Fidelity and Blackrock are among the eight asset managers that want to issue a spot Ether ETF. As for Grayscale Investment, it wants to convert its existing Ether Trust into an Ether spot ETF.

Current Price of Ether

The price of Ether fell 0.6 percent to $3,385 over the past 24 hours. Drizzle and rain lingers over the second largest cryptocurrency in the next 24 hours, indicating the market might stay in the red - slightly bearish or bearish market conditions.

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