⭐⭐Is the Selling Pressure Over in Ethereum? ⭐⭐
Ethereum price is showing signs of recovery, surpassing $3,000. This rise is attributed to the decline of sellers and the introduction of spot exchange-traded funds (ETFs).
Just three days ago, Ethereum experienced a sharp selloff to $2,800. However, the disappearance of discounts on Grayscale Ethereum Trust and Coinbase Premium was considered a ray of hope for bull investors. These developments contributed to the recovery of the price of Ethereum and its rise above the $3,000 level. CryptoQuant's Ether basis index, which measures the difference between the US-based Coinbase ETH/USD pair and the Binance ETH/USDT pair, rose to neutral from a deep discount of -0.19 at the end of June.
In particular, the disappearance of net asset value (NAV) discounts on the Grayscale Ethereum Trust for the first time in the last two years indicates that investor confidence is increasing and interest in Ethereum is rising.
The disappearance of premiums on Coinbase and Grayscale indicates that sellers have exhausted themselves and a possible price bottom has formed.
According to long-term forecasts, it is predicted that the Ethereum ETF could see billions of dollars in demand and further increase interest in the Ethereum network.
IntoTheBlock analysts estimate that potential demand for the Ethereum ETF could be around 30% of the inflows observed during the Bitcoin ETF launch.
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