The excitement around Ethereum ETF funds continues. The launch process will begin on July 23, and according to many analysts, this may increase the price of ETH. Among the notable developments in the cryptocurrency market, Ethereum ETF funds stand out. Bitwise Chief Investment Officer Matt Hougan notes that spot Ethereum exchange-traded funds in the US may have a rough start, but these funds could have a larger impact on the asset's price than the impact of Bitcoin ETFs.
Hougan emphasized that after the $11 billion Grayscale Ethereum Trust (ETHE) turns into ETP, there may be volatility in the first few weeks, but we will see new peaks at the end of the year. He also added that results will not come immediately, with pressure similar to the potential selling pressure that Bitcoin ETF funds faced at their launch on January 11.
Hougan explained three main reasons why Ethereum ETF funds have a larger impact on the price: the widespread use of Ethereum-based applications, the fact that the inflation rate is almost zero compared to the small amount of Ethereum created daily, and the fact that Bitcoin miners often have to sell Bitcoin due to their high costs. In contrast, Ethereum stakers do not have significant costs.
Bloomberg ETF analyst Eric Balchunas stated that Hougan's comments coincide with growing expectations for the spot Ethereum ETF fund launch, which is expected to launch on July 23. Hougan stated that, according to CoinMarketCap data, this product could increase the Ethereum price to $ 5,000 by the end of 2024, which means a 47% increase from its current price of $ 3,401. However, he noted that the estimate could be lower if inflows exceed market expectations.
Crypto investor Daan Crypto Trades said he thought the amount of potential inflows into ETF funds had been underestimated, noting that the price could rise further if flows were stronger than many market commentators predicted. In his post dated July 17, Daan emphasized that the Ethereum price is at the peak of the 200-day Moving Average (MA) and that he expects an increase after the ETF launch.
While Hougan is optimistic that Ethereum will hit $5,000 and above by the end of the year, futures traders are predicting a decline in the near term. According to CoinGlass data, a 10% rise towards $3,750 would wipe out $1.31 billion in short positions, while a 10% decline would affect $544.39 million in long positions.
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