The Ethereum price about to break out again? Optimism about ETF

The Ethereum price

The Ethereum price could be on the verge of another breakout. The US’s main clearing house, the DTCC, has already added several Ethereum ETFs to its registry, sparking new optimism. Ether has already risen by 28 percent over the last two days.

The Ethereum price about to break out again?

The Ethereum price may be on the verge of another breakout. The crypto market rose sharply over the last two days. Ethereum also benefited from recent gains. In the weekly trend, the second largest cryptocurrency is up 28 percent at the time of going to press.

Ethereum supporters have been experiencing a rollercoaster of emotions over the last few days and weeks. Since autumn 2023, the crypto market has been awaiting the approval of Ethereum spot ETFs in the US by the Securities and Exchange Commission (SEC).

So far, ETH has achieved at least partial success. At least Ethereum futures ETFs were approved in September. A success of the spot funds would be the next big step after futures and the successful Bitcoin spot ETFs.

Experts have recently questioned whether Ethereum funds still have a chance in the USA. The political situation surrounding cryptocurrencies is highly contested in the North American country.

The latest news about Ethereum does not seem to have been priced in at the time of writing. ETH is trading at 3,717 US dollars and is down 1.40 percent in the daily trend.

This is why there is new optimism about spot ETFs

The latest optimism is triggered by a listing by the clearing house DTCC. The clearing house recently added the Ethereum spot ETF from asset manager VanEck. In a report from yesterday, the investment can be found under the name “VANECK ETHEREUM TR SHS (ETHV)”.

Comparable offers from Volatility Shares, ProShares or Franklin Templeton are already available in the DTCC directory. Investors are therefore increasingly hopeful that the funds will be approved by the SEC.

However, listing the DTCC does not guarantee that the SEC will give its blessing. The clearinghouse notes that investments may be recorded in the register before they have received their legal approval. But that also means: This approval is not secure.

The SEC has been in discussions with several investment companies that have applied for Ethereum spot ETFs. This is how we want to find a common consensus.

Particularly bullish: The SEC contacted the CBOE and NASDAQ stock exchanges. The aim of the contact was to adjust business operations to ensure the provision of Ethereum spot ETFs in accordance with the authority’s requirements.

Experts expect nine different Ethereum spot ETFs to launch in the US tomorrow. Optimists hope that this will be followed by a similar rush to the Bitcoin spot ETFs as in the spring.

If Ethereum is as popular among US institutions as Bitcoin, then several billion US dollars are likely to flow into the cryptocurrency. Over the past few weeks, it has become known that even the country’s largest banks – such as JPMorgan and Wells Fargo – have invested in Bitcoin.

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However, in these cases it is not known whether the companies acted as intermediaries or actually as end consumers. Billion-dollar hedge funds like Bracebridge also purchased BTC.

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