According to one analyst, the price of ETH could drop after the initial craze surrounding the Ethereum ETF settles if the coin's supply continues to grow at its current pace.
“If ETH supply continues to increase by around 60,000 tokens/month as has been happening since April, then by December the supply will return to the level at the time of The Merge,” trader Benjamin Cowen wrote on the 19th July, referring to The Merge's long-awaited switch of Ethereum to the current PoS consensus model in September 2022.
Ethereum, which became deflated after The Merge, saw its supply decrease by approximately 455,000 ETH in April 2024.
However, since then, the supply has increased by approximately 150,000 ETH. Cowen claims that if it continues to grow at this rate, it could return to pre-The Merge levels more than two years ago.
“If the 2016 pattern is followed, the final capitulation of ETH/BTC will not begin until September 2024, a sufficient period of time for the novelty of a spot ETF versus BTC to fade.” .
Although he believes that in 1.5 years, the price of Ether will probably increase higher than the current price, “the possibility is quite high that the price will decrease in the next 3-6 months.” At the time of publication, Ether is trading at $3,484.
Source: TradingView
Meanwhile, just a few days earlier, onchain analyst Leon Waidmann pointed out that Ethereum is facing a “supply crisis.”
“Exchange balance drops to 10.2% while 39.3% of ETH is locked in smart contracts,” Waidmann claimed, claiming that most investors do not realize “the supply How tight is ETH?
Five spot Ethereum ETFs will begin trading on the Chicago Board Options Exchange on July 23, “subject to regulatory effectiveness,” including 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF , VanEck Ethereum ETF and Franklin Ethereum ETF.
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