Ethereum surged 5% to break the $3,500 mark, whales entered the market in large numbers, and the expectation of spot ETFs increased, igniting market enthusiasm!
The price of Ethereum (ETH) rose strongly by 5%, breaking through the $3,500 mark in one fell swoop, injecting a shot of adrenaline into the entire cryptocurrency market. The good news coincided with the expected increase in the spot Ethereum ETF to be launched on July 8. Finally, the activity of Ethereum whales also surged.
Giant whales stirred, and the price of Ethereum rose by more than
The chain analysis agency Spot on Chain reported that a heavyweight whale (rumored to be Abraxas Capital) withdrew 60,000 ETH from the cryptocurrency exchange Bitfinex in the past 24 hours, worth about $203 million, when the currency price was $3,387. Since then, the price of Ethereum has risen by 4%, and the unrealized floating profit of this whale is close to $6.5 million.
ETF is expected to be positive, and Ethereum price is expected to climb further
As of press time, the price of Ethereum rose by 4.19% to $3,499, with a market value of $420.7 billion. Daily trading volume also surged by 50% to $9.8 billion. To maintain this upward momentum, the price of Ethereum needs to close above $3,500 for bulls to aim for a target price of $4,000 or even higher.
ETFs have attracted strong attention in the Ethereum market, and the bottom people have recently launched a series of altcoins and turned to buy Ethereum. Last week, a "whale" expected Ethereum to usher in a sharp rise and exchanged $18 million worth of PEPE tokens for Ethereum.
Expectations for approval of spot Ethereum ETFs heat up
As CoinGape reported, the launch of the spot Ethereum ETF will be slightly delayed, and the original plan to go public on July 4 has been adjusted. Last Friday, the U.S. Securities and Exchange Commission (SEC) returned the S-1 form to issuers, requiring them to resubmit it by July 8.
Nate Geraci, president of ETF Store, said the revised details of the S-1 form suggest that the agency may approve issuer transactions within 14-21 days. Although the specific launch time is still subject to change, the US Exchange Commission hinted that the above transactions may be launched at the end of summer, which will continue to boost investor confidence and drive Ethereum prices further up.
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