According to ChainCatcher, Andrew Kang, co-founder of Mechanism Capital, wrote on X: "ETH USD is slightly below the lower limit of my estimated range. This may be due to the impact of Germany + Mt Gox sell-off/concerns + ETF launch delays. Given that we have sold so much, ETH is likely to rebound after the ETF is approved, but the upside is expected to be limited to $3,600."