2023-9-29 00:00 |
In an unexpected turn of events, Ethereum (ETH) Futures Exchange Traded Funds (ETFs) are drawing closer to fruition, potentially becoming available for trading as early as October 3, which could be a significant catalyst for ETH price.
Renowned Bloomberg ETF expert Erich Balchunas recently shared insights indicating that the Securities and Exchange Commission (SEC) might expedite its approval process to avoid potential disruptions caused by a looming government shutdown.
SEC Considers Fast-Tracking Ether ETFsA government shutdown, which could go into effect if Congress and President Biden fail to reach an agreement on a budget or a short-term continuing resolution by September 30, entails suspending most federal government functions.
The implications of a shutdown extend beyond its duration, as services provided by the U.S. Department of Housing and Urban Development (HUD) may experience disruptions and delays, affecting citizens both during the shutdown and while federal agencies strive to regain momentum once it ends.
NBC reports that a government shutdown is increasingly likely if Congress does not take swift action. While Congress convened on Wednesday, progress in breaking the impasse has been limited.
President Joe Biden expressed optimism, stating that a shutdown is not inevitable and urging House Republicans to fulfill their responsibilities by funding the government.
In light of these developments, Erich Balchunas believes that recent actions taken by the SEC indicate its intention to expedite decision-making processes, as evidenced by the postponement of several spot Bitcoin ETFs weeks ahead of schedule.
To potentially preempt the impact of an impending shutdown, the SEC may aim to accelerate the launch schedule for Ethereum ETFs. If this occurs, ETF issuers would likely need to submit their final prospectus this week to allow for an effective launch as early as October 2.
Supporting Balchunas’ perspective, Bloomberg Intelligence analyst James Seyffart concurred:
Nothing yet but watching for filings to indicate Ethereum Futures ETFs are indeed being accelerated for launch next week. We expect a lot more filings from the SEC today as they continue to clear their desks as much as possible before the shut down. Normalcy is out the window
These updates reinforce the notion that Ether futures ETFs are likely to receive approval immediately, aligning with a recent Bloomberg report that posited a 90% chance of their launch in October.
However, until the SEC officially announces its decision, the crypto community remains on tenterhooks, eagerly anticipating the potential groundbreaking debut of Ether Futures ETFs by October 3.
ETH Price Shows Resilience With Upward MomentumEthereum (ETH) has exhibited a significant upward movement in the past week, marking a positive trend extending into the past 24 hours.
Over the past seven days, ETH has recorded a gain of over 4%, while within the last 24 hours, it has seen a rise of more than 3%. As of the latest update, ETH is currently trading at $1,662. This notable surge in price comes at a crucial juncture, with the monthly close approaching.
A favorable outcome for Ethereum in these time frames could potentially set the stage for bullish price action in October, particularly with the prospective approval of Ether Futures Exchange Traded Funds (ETFs).
Although breaking the overall downtrend structure has proven challenging for bullish investors, a close above the $1,650 mark would position the cryptocurrency favorably for a bullish October. This is a critical resistance level to overcome, and surpassing it would instill renewed optimism in the market.
Featured image from iStock, chart from TradingView.com
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