Ethereum is poised for a solid uptrend after applicants for spot Ether exchange-traded funds (ETFs) submitted amended S-1 filings.
Last week, the US Securities and Exchange Commission (SEC) sent comments to all applicants seeking responses within a week. The recent development brings the launch of the first spot ETH ETF in the US closer.
Ethereum has gained slightly by 0.1% in the last 24 hours. The second-largest cryptocurrency by market cap traded at $3,498 at 11:29 a.m. EST.
Ether ETF Applicants Submit Amended S-1 Filings
Some asset managers that have submitted their revised S-1 filings include BlackRock, Fidelity, Invesco Galaxy, Grayscale, and VanEck.
In its revised filing, Fidelity revealed a $4.7M seed funding by one of its affiliate firms, FMR Capital. BlackRock’s updated filing also revealed a $10M seed investment. BitWise also listed a potential investment of $100 million from Pantera Capital on the day the ETF starts trading.
The asset managers appear to be engaging in a fee war, as seen during the race to spot Bitcoin ETFs. The VanEck filing shows a 0.20% management fee for its Ether ETF. Franklin Templeton has proposed a 0.19% fee, while BlackRock has yet to announce the fee it plans to charge to manage the fund.
The S1 approvals are the final step towards launching an Ether ETF. The SEC approved 19b-4 forms filed by exchanges on May 23. The final approval is now pending, which, according to analysts, might happen on July 2.
“We will see a bunch of amended S-1s filed today, prob later this afternoon. The ball’s in the SEC’s court to let issuers know about any final changes and effectiveness (aka final approval). We are holding the line with July 2nd as our over/under for ETH ETFs launch date,” Bloomberg ETF analyst Eric Balchunas noted.
Ethereum Poised for a Major Rally
The price of Ether is poised for a significant uptrend following the approval of spot ETFs. The financial institutions issuing these products are set to start accumulating ETH, as was seen with Bitcoin ETFs, with the growing demand causing a potential breakout.
According to analyst “CryptoWinkle” on X, ETH’s price chart hints at a potential breakout. The price movement has created a symmetrical triangle pattern, showing that the price is done consolidating between the $3,400 and $3,600 zone and is poised for a significant uptrend.
If the bullish thesis is confirmed, ETH will propel towards $4,400, creating a new all-time high.
The demand can already be seen with the growing number of ETH active addresses. The number of active Ether addresses has hit the highest level in three months to 617,170. This high number of addresses is also a bullish signal.
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