ETH Price Poised for Upward Movement with Upcoming Ethereum ETF
The price of Ethereum (ETH) may soon experience an upward trend as analysts anticipate the launch of a spot Ethereum ETF by July 4. Recent on-chain indicators suggest a bullish outlook for Ethereum.
Recent ETH Price Decline
On Sunday, June 23, Ethereum's price dropped by an additional 3.72% amid a broader market correction. However, this downturn could present a buying opportunity, as the approval of spot Ethereum ETFs in two weeks could trigger a price reversal.
Spot Ethereum ETF Approval Imminent?
Last Friday, nearly eight firms submitted S-1 amendments to the U.S. Securities and Exchange Commission (SEC), preparing for the launch of the spot Ethereum ETF by the end of the first week of July.
Nate Geraci, President of the ETF Store, emphasized the significance of the next two weeks for the crypto market. He noted that the approval of the spot Ethereum ETF could have substantial implications, potentially propelling the crypto market upward.
In a recent tweet, Geraci highlighted, “The biggest thing I am watching for is the fee on Grayscale’s mini ETH trust.” He believes this fee could impact the spot Bitcoin ETF market, which also has a mini BTC trust. Geraci advised investors to "buckle up" for volatility and potential opportunities in the coming weeks. He also predicted that assets in spot crypto ETFs could surpass those in physical gold ETFs by this time next year.
Potential ETH Price Reversal
Ethereum, along with Bitcoin, has faced selling pressure, with its price falling below $3,400 at press time. However, on-chain indicators suggest that a price reversal could be imminent for Ethereum.
On-Chain Indicators and Market Sentiment
Despite the strong activity on Layer-2 solutions reaching all-time highs, Ethereum's gas fees have been at their lowest in years, indicating the network's readiness for higher scalability. Crypto analyst Ali Martinez reported that the number of active Ethereum addresses surged to a three-month high, reaching 617,170.
These factors collectively indicate a favorable environment for a potential ETH price reversal in the near future, especially with the anticipated approval of the spot Ethereum ETF.
As the crypto market gears up for this significant development, investors and analysts alike are closely monitoring Ethereum's performance and the broader market sentiment. The next two weeks could be pivotal for Ethereum and the entire crypto ecosystem.
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