- This week, we could be seeing an ETH approved.
- It is the opinion of the observers that determines the news.
Recently, predictions that an approval would be imminent for the an Ethereum [ETH] ETF has caused a lot of excitement, and the price for Ethereum is now one of the highest it’s been in a long time.
The social environment surrounding Ethereum is relatively tranquil despite its dynamic activities.
When will there be an Ethereum ETF?
Nate Geraci’s Recently, there have been rumors about an approval. Ethereum ETF, this week, did not base its outlook on any specific regulatory signals, but instead, it was a reflection of the positive industry trends.
He seemed confident after observing the actions taken by several ETFs such as VanEck, 21Shares and others who have submitted revised registrations to the SEC in recent weeks in hopes of getting approval for a spot listing. Ether ETFs.
The strategic decision by these institutions is part of an ongoing trend in which financial institutions quickly follow the regulatory momentum generated by the approval Bitcoin [BTC] ETF.
Geraci’s view reflects a wider sentiment within the crypto-community that the regulatory climate was ready for another ETF to be approved.
Trends look the same for everyone
Although there has been much anticipation about the possible approval of an Ethereum ETF’s social metrics are relatively constant.
AMBCrypto’s Social Dominance analysis using Santiment shows its maximum point was 11% in the two most recent weeks. Ethereum, then, was a part of 11 percent of all cryptocurrency-related conversation during that time period.
Social Dominance has decreased slightly to 9.4% as of the date this article was written, down from 10% just a day earlier.
Additionally, the Social Volume—an indicator of the total number of mentions or posts about Ethereum across various social platforms—has not shown any significant spikes.
Press time social volume was around 380.
ETF news affects prices
AMBCrypto – A Look at Ethereum On a chart of the daily timeframe, a growing momentum was evident in its price.
ETH’s price has been on a steady upward trend since the end of last year, after a steep decline. The latest trading data shows that it is up approximately $3.7 to reach around $3,360.
The price was at its highest level in two weeks. It is also near the short moving average line (yellow).
In the past 2 weeks, the yellow line acted as an important resistance level between $3,400 and 3,500.
Click Here to Read Ethereum’s [ETH] Price Prediction 2024-25
A potential Ethereum ETF approval could play a key role in ETH’s ability to break through the resistance levels.
If approved, the ETF will boost confidence among investors and encourage institutional investment, possibly driving prices to their all-time peak (ATH).
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Source: ambcrypto.com