Ether Price Sees Massive Gain As Ethereum ETFs Could Launch In US Next Week

Ether (ETH), the world's second-largest crypto asset by market capitalization, saw a massive gain Thursday after analysts predicted that the Ethereum futures ETF application might be approved and could start rolling as early as Tuesday next week.

Ether traded in the green zone at $1,643.92 Thursday, showing a 3.13% increase from its previous price of $1,584.19, hinting at an upward trend, according to data from CoinMarketCap.

Throughout this week, Ether experienced significant gains which saw a 4.6% surge at the start of the week, with the recent surge highlighting the crypto asset's most profitable since July.

The positive price movement could be attributed to the anticipation surrounding the Ethereum Futures ETF applications, which, according to analysts, could launch as early as next week.

Bloomberg ETF analysts Eric Balchunas and James Seyffart predicted that ETH futures could start trading by next Tuesday, crediting the SEC's decision to the looming federal government shutdown.

"Ether futures ETFs could be trading as early as Tuesday as SEC looks to speed things up in order to get it done bf looming shutdown, just like they sped up delays on spot bitcoin ETFs," Bachunas said in a post on X on Thursday.

In their analysis, both Bloomberg ETF analysts said that "Ether futures ETFs could be trading in the US as early as Oct. 3, we believe, if the SEC tries to get them out before a possible government shutdown. A series of recent moves show the agency is looking to clear its plate, including delaying multiple spot Bitcoin ETFs weeks before any decision was due."

"The SEC might seek to accelerate Ether ETFs' launch schedule to get them out before a possible shutdown. If so, issuers would likely have to submit a final prospectus this week so they could go effective as soon as Oct. 2. This would be bad news for smaller issuers that lack the money or infrastructure to move as quickly on logistics as bigger rivals," the analysts added.

"VanEck just put our press release for their "upcoming" Ether futures ETF which they now have ticker for $EFUT. Good sign we were right about the accelerated launches," Balchunas said in another post, highlighting their prediction about early approval of ETF futures could be accurate.

ETH was trading up at $1,674.82 as of 5:16 a.m. ET on Friday, with a 24-hour trading volume up by 16.05% at $7,254,195,536 – representing a 3.61% increase in the last 24 hours and a 4.8% gain over the past seven days.

ETH's circulating supply stands at 120,236,031 ETH, with its value up by 3.64% at a $201,374,208,245 market cap, data from CoinMarketCap showed.