All eyes are on Ethereum ETF applications after the SEC approved spot Bitcoin ETFs. Finally, Franklin Templeton company, which has $1.5 trillion worth of assets under management, also applied for a spot Ethereum ETF. So far, 8 different companies have applied for Ethereum. These companies include giants such as BlackRock and Fidelity.

The ETF is expected to significantly increase the price of ETH if it is approved. Bitcoin’s price increase as ETF approval approaches creates a similar expectation for Ether. At this point, it is currently unclear when the Ethereum ETF decisions will be made.

Analysts believe that by May 23, 2024, the US Securities and Exchange Commission (SEC) will make a decision about applications for Ethereum ETFs. This date is significant because it marks the conclusion of VanEck’s review process, the company that made the earliest application. It is expected that the SEC will wait until the deadline, as in Bitcoin, and approve all applications at the same time to ensure competition. ccording to Bloomberg ETF analysts, the approval probability for Ethereum ETFs appears to be 70%. It’s not impossible that the SEC will reject the application.

However, Standard Chartered analysts in the United Kingdom also said they were waiting for approval. Analysts expected that Ether ETFs will be approved in the USA on May 23 in their research. Ether ETFs will be popular, just like Bitcoin ETFs were on January 10. “ETH price could reach $4,000 if Ether follows the path of Bitcoin,” they said.

It is considered that the approval of Ethereum ETF applications will also positively affect altcoins.