Coinspeaker Ether Back Above $3K amid Approaching Spot ETH ETF Approval
Ether (ETH), the native token of Ethereum, the top blockchain by total value locked (TVL), reclaimed the $3,000 price level after losing it a few hours ago. The price level is an important region, and it is imperative for the digital asset to retain price action here before another bullish move.
The price of ETH at the time of writing stands at $3,060, up 1.74% in the past 24 hours. Further, the market capitalization of the digital asset is $367 billion, while the trading volume is up 55.42% and stands at $16.54 billion. ETH dropped as low as $2,830 and rebounded as buyers took charge.
The daily high for ETH stands at $3,073, and the digital asset is awaiting a breakout above the $3,100 price region. Notably, the fall of Bitcoin (BTC), the world’s largest digital asset, below the $60,000 price level led to ETH falling 11.94% in the past week and 17.13% in the last month. However, the cryptocurrency has been up 64.02% since July 2023.
Also, according to the data from CoinGlass, $28.86 million Ether shorts and $29.61 million ETH longs were liquidated in the past 24 hours. In the past hour, $5.47 million in ETH shorts and $586,550 in ETH longs were liquidated as the unexpected uptrend in ETH’s price pushed the shorts out of the market.
It is also important to note that close to $250 million in longs would be liquidated if ETH fell below the $2,999 price level, as per Coinglass. Also, if ETH drops to $2,705, an estimated $1 billion in longs will be liquidated. On the other hand, if ETH manages to reclaim the $3,200 price region, around $200 million in shorts will be wiped off.
The significant amount in the longs and comparatively small amount invested in the shorts of ETH suggests that investors are bullish on the digital asset in the long term. Additionally, the amount of ETH available on exchanges has gone down to 10.189% while BTC has gone up to 15.086%. The widening gap suggests increased interest in Ethereum.
Spot Ether ETF Approval
The decision on spot ETH exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) is on the horizon. The regulator approved 19b-4 applications by asset management firms like VanEck, BlackRock, and Fidelity earlier this year. However, the approval of S-1 filings is still pending, which means that the products cannot be traded.
According to Nate Geraci, the President of The ETF Store, the approval is “supposedly” due July 8th. There are chances of significant movement in the market post-approval, as pointed out by analysts. Geraci also added that the main item he’s looking forward to is fees, and if the ETF issuers do not launch on Monday, the products will debut in the “next week or two”.
Experts recently weighed in on a possible deadline for Ether ETF approval and concluded that crypto enthusiasts will see the SEC’s decision by mid-July. Crypto exchange Gemini has predicted that over $5 billion will flow into the ETH ETFs during the first six months.
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Ether Back Above $3K amid Approaching Spot ETH ETF Approval