A renowned expert has revealed that Ethereum ETFs have the potential to be approved by July 2nd. 

Recently, SEC Chairman Gary Gensler suggested that the agency may give the green light to S-1 forms for spot exchange-traded funds on leading alternative cryptocurrencies "sometime this summer."

The Securities and Exchange Commission (SEC) has implemented measures to permit the inclusion and trading of eight (8) Ethereum ETFs by endorsing alterations to regulations. However, in order for the ETFs to be launched, updated S-1 registration forms that provide comprehensive details about the products are required. In late May, the SEC requested issuers to submit updated S-1 forms, indicating that progress is still being made in the process.

Eric Balchunas, who is a senior analyst for ETF at Bloomberg highlighted that the SEC has recently sent issuers minor comments on their S-1 registration forms, requesting responses within a week. This indicates a swift progression towards approval. He believes the final decision will likely be made before the Independence Day weekend, making July 2 the most probable date for approval.

Further, ETF analyst Nate Geraci, views this as favorable, indicating that there is little remaining to be done prior to receiving final approval.

The possible authorization of Ethereum Exchange Traded Funds (ETFs) could be a significant turning point for the cryptocurrency market, as it has the potential to create new avenues for investment and promote the adoption of virtual currencies. As the SEC approaches its final ruling, the community is closely monitoring the situation with expectations of its impact on both institutional and individual investors.

Ethereum To Reach $100,000? Billy Markus' Bold Forecast

Last May, a new price prediction for Ethereum was made by the Dogecoin founder Billy Markus. It was in one of his X posts that he hinted about the Ethereum price surge. He said that he would like to see Ether hitting the $100,000 mark.

In addition, he emphasized that for Ethereum to reach the predicted price, it needs to witness huge adoption and significant improvements in its scalability. Markus viewed that the Ethereum network would have to undergo a whole new reshaping. The security and efficiency elements of the network would have to reach new heights, he added.