Ethereum Lights the Bull Fire with US Investors: Are Sellers Exhausted?

Ethereum price is showing signs of recovery, surpassing $3,000 as sellers run out and spot exchange-traded funds (ETFs) are expected to launch.

Ethereum showed signs of recovery from the $2,800 level, where it fell during the sharp selling wave 3 days ago, and rose above $3,000. The disappearance of discounts on Grayscale Ethereum Trust and Coinbase Premium indicators is considered a positive sign for bullish investors.

According to experts, this recovery in price indicates that the upcoming spot Ethereum ETFs have bottomed out before entering the market in the United States.

Indices predict rally

CryptoQuant's ether premium index, which measures the difference between Coinbase's ETH/USD pair and Binance's ETH/USDT pair used by US investors, moved from a deep discount of -0.19 to neutral at the end of June. In particular, the disappearance of net asset value (NAV) discounts on Grayscale Ethereum Trust for the first time in the last two years reveals that investor confidence is increasing and demand for Ethereum-related investments is rising.

The disappearance of their premiums (discounts) on Coinbase and Grayscale indicates that sellers are exhausted and there is a potential price bottom.

On the other hand, it is stated that the Ethereum ETF may see a demand of billions of dollars and increase the interest in the Ethereum network.

Analysts at IntoTheBlock said in the weekly newsletter that they estimate that potential demand for the Ethereum ETF will result in inflows of approximately 30% of those experienced during the launch of the Bitcoin ETF.