Bloomberg analysts have predicted that a spot Ethereum exchange-traded fund (ETF) could launch next week after Bitwise files its amended S-1 registration statement.
James Seyffart states Bitwise is among the first ETF applicants to file their amended S-1 forms with the US Securities and Exchange Commission (SEC). More issuers are expected to send in their amended forms later this week.
Eight applicants are awaiting the SEC’s final approvals for spot ETH ETFs.
Ether ETF Could Launch Next Week
According to analyst Eric Balchunas, the first round of comments for the S-1 forms went smoothly, with the issuers taking minimal time to update.
Therefore, if the same happens in the currency round, the approval of these ETF products might happen soon, with Balchunas saying it will happen “next week-ish.”
Seyffart agreed with Balchunas’s take on the launch dates but also threw in a cautionary statement. He noted that the SEC was not limited to any deadline, and the regulator might take time before allowing these products to launch.
“I have fairly low confidence in those launch date predictions at this point. There is no deadline, and SEC’s Corp Fin is taking their time here… But these changes were very minimal, and [I don’t know] why the ETFs wouldn’t be ready to go within a couple of weeks,” Seyffart added.
Last week, the SEC Chair, Gary Gensler, stated that the ETF approval process was “going smoothly.”
The US securities regulator approved 19b-4 forms for spot ETH ETFs on May 23. All eight applicants await final approval for these products to start trading on US exchanges.
ETH ETF Launch Fails To Stir Rally
Ether has been affected by the bearish sentiment battering the broader cryptocurrency market. In the last 24 hours, ETH has dropped by 3.5% to trade at $3,155 at 05:31 a.m. EST.
Looking at the Ether price chart, the largest altcoin shows high volatility. The price touched the lower Bollinger bands before recovery, showing oversold conditions. While the price slightly rebounded, the conditions remain bearish as sellers dominate the market.
The Relative Strength Index (RSI) recorded a brief drop below 30, showing that ETH entered oversold territory. While the RSI has recovered, bears are still in control as any attempts to buy the dip have not translated into a price recovery.
The recent selling pressure dampening market sentiment around ETH has wiped the gains made by the altcoin following the hype around spot ETFs, according to analyst @DaanCrypto on X.
Another analyst also notes that if Ether continues the bearish trend, the price will likely drop to $2,800. At this point, the crypto market will be on the verge of a “crypto winter.”
The recent price drop has seen over $64 million worth of Ether longs liquidated in the last 24 hours, according to Coinglass data.
