Ethereum Jumps Above $3,400 On Report ETFs To Start Trading Next Week

Cryptocurrency, Asset, Electronic Payment, Payment

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Almost two months after the SEC unexpectedly cracked amid mounting political pressure - from Democrats - and granted 19b-4 approval for Ethereum ETFs, moments ago Bloomberg's in-house ETF guru Eric Balchunas reported that the SEC has "finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH."

Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94
— Eric Balchunas (@EricBalchunas) July 15, 2024

And as Balchunas also notes, the presumed start of ETH ETF trading would coincide with the biggest bitcoin conf of the year, one where Donald Trump himself will be a guest now that crypto has become one of the biggest political talking points, just as we predicted it would more than a year ago.

Crypto becoming a top 2024 election issue as expected. On one hand you have Pocahontas and her "Anti-Crypto army", and now you have DeSantis going all-in crypto, anti-CBDC and anti-Warren. https://t.co/cmrGcPQIcY https://t.co/vK5MqiOhNj
— zerohedge (@zerohedge) May 2, 2023

The news helped push Ether to a session - and two week - high just above $3,425 before some modest profit-taking kicked in following an impressive surge in ETH which jumped from $2800 - thanks largely to the recent German liquidation - to $3400 in just ten days.

The lift in ETH also helped push the ETH/BTC ratio modestly higher, even though it still remains far below its post-2021 average of 0.065, which implied a fair value for ETH is above $4,000.