Matrixport, a digital asset investment company, expresses confidence in the forthcoming approval of trading for Spot Ethereum ETF by the United States Securities and Exchange Commission (SEC) this week. The company foresees a swift progression in the S-1 approval process, drawing parallels to the past 19b-4 approval procedures with the SEC. Delays in the S-1 applications were attributed to the recent holiday at the beginning of the month and the subsequent extended week.

Matrixport and Bernstein's Projections on ETH Price Movement

The imminent authorization for listing and trading a physical spot Ethereum ETF is expected to attract a significant inflow of investment into Ethereum, potentially boosting its value. Bernstein's forecast suggests that the price of ETH may surge to $6,600, indicating a substantial increase from its current value. This surge signifies investor confidence in Ethereum's future trajectory and its ecosystem.

Bernstein previously predicted considerable growth in spot crypto ETFs, estimating potential expansion to $450 billion. This prediction resulted in a 1.72% price increase for Ethereum, indicating market response to the forecast.

Presently, Ethereum is trading at $2,981.15, reflecting a marginal 0.02% decrease in the last 24 hours according to CoinMarketCap data. The 24-hour trading range for Ethereum stands between $2,826 and $3,090, with a notable 57% surge in trading volume over the past day, suggesting heightened trader interest.

QCP Capital's Optimistic Forecast for Ethereum

QCP Capital, a prominent cryptocurrency trading firm, envisioned a potential 60% increase in Ether's price following ETF approval, projecting a target of around $6,000. Their optimism hinges on the belief that spot Ethereum ETF products will introduce substantial new demand.

Analysts from K33 research, Vetle Lunde and David Zimmerman, likened the impending Ether ETFs to a "golden egg" for ETH, contrasting the anticipated boost with potential selling pressure on Bitcoin.

Over the past year, Ethereum has trailed Bitcoin in performance, as the latter witnessed significant gains supported by substantial flows into Bitcoin exchange-traded products. Despite this, analysts anticipate that the influx of investments into the new Ether ETFs will eventually drive up ETH's price, echoing the pattern observed with Bitcoin ETFs.

Milestones in Spot Ethereum ETF Approval

The recent approval by the Securities and Exchange Commission of 19b-4 filings from eight asset management firms on May 23 marked a pivotal moment. These approvals allowed for the listing and trading of spot Ethereum ETFs on U.S. exchanges for the first time, signifying a significant step towards mainstream acceptance of digital assets.

While the initial approvals were significant, the final stage necessitates SEC endorsement of S-1 registration statements for the spot Ether ETFs before they can commence trading officially. Although experts anticipate this process may take several months, a conclusion is expected within the current month. Notably, the SEC returned the S-1 forms to potential Ethereum ETF issuers at the end of the previous month, indicating ongoing revisions before these ETFs can launch.