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Approval of spot ETFs for Ethereum could be a major milestone. Both the entry of new investors and current market dynamics can shape ETH's future price movements. Investors should follow these developments closely and determine their strategies.
Some concrete and valuable takeaways for investors:
Approval of Ethereum spot ETFs could bring an influx of new investors to ETH. ETH price persistence above $3,800 is seen as an important resistance level. One should be careful against excessive profit taking and market reactions should be closely monitored. Market dynamics after The Merge may have an impact on price movements.
In an opposite scenario, excessive profit taking may occur after the listing of ETFs. In this case, the price of ETH could drop to around $3,300. This possibility is based on the example of a brief but severe market decline following the approval of spot Bitcoin ETFs in January.
ChatGPT Presented 2 Scenarios ChatGPT foresees two main scenarios for ETH. It is stated that in an optimistic scenario, the price could rise up to $5,000 if ETFs attract more investors than expected and ETH persists above $4,000. This scenario can happen if the market shows a strong upward trend.
The management fee on the GBTC side was the highest management fee, and this rate increased the sales pressure. In case of a possible approval, we can say that the process will be similar if the management fee is the highest on the ETHE side.
Since the process we go through in sales on the GBTC side is an experience for us, we may have an idea in our minds. In other words, it is conceivable that other companies will cover these sales as buyers. Just like GBTC sales are covered by big companies like Blackrock, Fidelity and others. Just as the Bitcoin price rose from 40K to 70K after the GBTC sale started, the same may be true for Ethereum. In other words, after a short time, sales may start to have a positive impact on the price because there are buyers.
The probability of approval of Ethereum Spot ETFs increases according to the current process. A detail that should be known in case of possible approval;
Grayscale has 2.9 Million Ethereum (ETHE) in its possession, which currently corresponds to 11 Billion dollars when we look at it in dollar terms.
In this case, we may see the same pressure on this side as we see on the GBTC side for a while.