Ethereum ETF race intensifies with ARK/21Shares and VanEck’s revised filings


  • VanEck submitted a revised S-1A filing and ARK/21Shares filed a new 19b-4 for their Spot Ethereum ETFs. 
  • Spot Ethereum ETF is likely to be approved by the US SEC by May 2024. 
  • Ethereum price hit its 2024 peak of $2,867.65 on Saturday, inching closer to its $3,000 target. 

Securities and Exchange Commission’s (SEC) approval of the Spot Bitcoin ETF ushered in large volume of institutional capital into the asset and fueled gains in BTC, pushing it to a new two-year high. 

Market participants expect a similar occurrence in Ethereum and the anticipation surrounding Spot Ethereum ETF approval by the US financial regulator has increased. 

Also read: Worldcoin breaks into massive rally, climbs 25% overnight as OpenAI unveils Sora

Ethereum ETF applicants amend their filings

Spot Ethereum ETF applicants VanEck and ARK/21Shares have amended their filings for the exchange traded product. Bloomberg ETF analyst James Seyffart’s recent tweet on X reveals that VanEck submitted a revised S-1A filing for its Spot Ethereum ETF, and ARK/21Shares also submitted a new 19b-4 filing and a series of new analyzes for its Spot Ethereum ETF.

A Bloomberg report from January 30 states that Standard Chartered is positive that the US SEC will allow exchange-traded funds to hold the cryptocurrency Ethereum, as early as May 2024. The bank shared its prediction in a research report on Tuesday. Standard Chartered believes that the asset managers will be the first to come up against the final deadline. 

Experts expect Ethereum price to hit a peak of $4,000 by the expected approval date. 

Ethereum price rally to $3,000 likely in the coming weeks

Ethereum price is currently in an upward trend. ETH price climbed past key resistances at the $2,000, $2,500 and $2,687. Ethereum is exchanging hands at $2,783 on Saturday. Ethereum price hit its 2024 peak of $2,867 on Thursday. The altcoin is likely to rally towards its target of $3,000 in the coming weeks. 

The green bars on the Awesome Oscillator (AO) and the Moving Average Convergence/ Divergence (MACD) suggest that the uptrend is in place and there is positive momentum. 

Ethereum price is likely to continue rallying higher. 

ETH

ETH/USDT 1-day chart 

If Ethereum price sees a daily candlestick close below the $2,687 level, a steep decline to support at $2,500 is likely. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Three Arrows Capital demands $1.5B increase in the FTX lawsuit

Three Arrows Capital demands $1.5B increase in the FTX lawsuit

Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse. 

More Cryptocurrencies News
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park

Missing crypto influencer Kevin Mirshahi found dead in Montreal Park

Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park. 

More Cryptocurrencies News
XRP struggles near $0.7440, could still sustain rally after Robinhood listing

XRP struggles near $0.7440, could still sustain rally after Robinhood listing

Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.

More Ripple News
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.

More Dogecoin News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP