Ethereum ETF Finally Gets Approved

The SEC finally approved the Ethereum (ETH) ETF on May 23, 2024. Since the approval of the Bitcoin ETF in January, many people have been eagerly awaiting this development. The approval covers the 19b-4 filings, with S-1 approval still pending. Experts estimate that the SEC will approve the S-1 within a few weeks, which is the final step before Ethereum can be officially listed and traded.

What’s Happening with ETH?

Following the SEC’s approval of the 19b-4 filings, both Bitcoin (BTC) and Ethereum (ETH), along with other altcoins, experienced significant price increases. Ethereum rebounded from a steep decline, briefly topping $3,800 immediately after the announcement. However, it struggled to sustain these gains due to concerns over US inflation triggered by economic metrics released earlier in the day.

What to Expect

Experts predict that the price of ETH could rise as high as $8,000 by the end of 2024 and expect it could attract an additional 20% of investment flows.