Ethereum ETFs approved, crypto prices to surge this year

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Cryptocurrencies are having a golden year, with the US Securities and Exchange Commission (SEC) recently approving eight funds set to launch spot Ethereum exchange-traded funds (ETFs). Analysts predict the bull run will persist into the second half of the year, driven by strong interest from institutional investors.

The SEC’s approval on May 23 for rule changes allowing ETFs to buy and hold Ethereum, the world’s second-largest cryptocurrency, has heightened expectations among investors. These approvals include prominent funds like those managed by BlackRock and Fidelity.

Earlier this year, the SEC also approved spot Bitcoin ETFs, marking a significant milestone in the digital asset sector. Following the approval, Bitcoin’s price surged over 70% to an all-time high within two months.

Should Ethereum (ETH) follow a similar trajectory, analysts project its price could reach around US$6,000 (approximately 220,000 baht) by the end of July, up from US$3,867 as of May 29, according to

This optimism stems partly from investors interpreting the Federal Reserve’s Federal Open Market Committee minutes and recent macroeconomic data as dovish.

The chief executive of Cryptomind Advisory, Sanjay Popli, noted that ETH prices have been climbing since May 20, despite the low odds that the SEC would approve all the funds in this round.

“Politics play a role as Donald Trump, the key opposition to the Biden government, has a policy that supports digital assets.”

With the US election approaching, the government has adjusted its stance to be more crypto-friendly, considering that roughly 20% of US voters hold digital assets.

Popli forecasts ETH prices could hit US$6,000 in the short term and potentially reach US$10,000 by year-end. He also expects Bitcoin to surge to US$80,000-100,000 as institutional investors increase their holdings.

He also mentioned that 2024 is a bull run year for cryptocurrencies, with BTC prices surging since the start of the year.

The momentum is anticipated to continue throughout the year, bolstered by the introduction of spot Ethereum ETFs in the second half and the upcoming launch of other alternative coins, such as Near Protocol and Solana. Coins linked to artificial intelligence are expected to be popular among investors this year.

Another factor supporting the cryptocurrency market is any potential interest rate cut by the Federal Reserve, which would increase market liquidity, reported Bangkok Post.

However, Popli warned that geopolitical conflicts remain a risk factor that cryptocurrency investors should monitor closely.

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Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.

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