ETH Price Skyrockets as Ethereum ETF Eyes Monday Launch Prospect

In a major development, the price of Ethereum (ETH) experienced a substantial uptick today, marking a significant moment in its recent surge. The Ethereum price chart displayed an impressive green daily candle, indicating a notable increase of over 2.3%. At present, ETH is trading at $1,635.8 per token, reaching its highest value in the last eight days.

Throughout this week, Ethereum has enjoyed remarkable gains, with its price surging by 4.6% since the beginning of the week. The current rise has made this week the most profitable for the altcoin since July.

Mondays are for Ethereum ETFs

However, the excitement surrounding Ethereum extends beyond its price movement. There is a growing anticipation within the crypto community about the potential launch of Ethereum Futures ETFs as early as next week. Eric Balchunas, a senior ETF analyst at Bloomberg, hinted at such a development.

According to the analyst, the SEC is reportedly eager to expedite the launch of Ethereum Futures ETFs. He suggested that the security regulator has asked ETF filers to update their documentation by Friday evening so that they can become effective on Monday and commence trading on Tuesday.

UPDATE: Hearing the SEC wants to accelerate the launch of Ether futures ETFs (bc they want it off their plate bf shutdown) so they’ve asked the filers to update their docs by Fri pm (no small task to jam into 48hrs, esp for indie issuers), so they can go eff Mon and trade Tue. https://t.co/gKyQFK12aM

— Eric Balchunas (@EricBalchunas) September 28, 2023

While the crypto community eagerly awaits the launch of futures ETFs, the situation is more complex for spot instruments. The SEC recently deferred its decision on Ethereum Spot ETFs from ARK Invest and VanEck, setting new deadlines for both entities — Dec. 26 for ARK Invest and Dec. 25 for VanEck.

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