Ethereum’s price is holding up well, despite the increasing odds for spot ETF approval. ETH On Friday, token traded at $3.455, a few points higher than this week’s lowest price of $3.233. The token is still in the correction zone, having fallen 13% since its peak this month.
Ethereum’s main driver is expected spot Ethereum ETF acceptance by Securities and Exchange Commission. According to our report on Thursday, the possibility that Ethereum will be approved as a ETF is increasing. spot Ethereum ETFs Soon, we will begin trading.
VanEck’s filing of form 8A, an important document used in ETF applications, triggered the anticipation. Eric Balchunas is a senior ETF Analyst at Bloomberg who believes these funds will begin trading on the 2nd of July.
It would be an important event if spot Ethereum ETFs were approved. We saw this with Bitcoin. There is an increasing demand from institutional investors for cryptocurrency.
Grayscale Ethereum Trust has an equally strong management. fee of 2.50%Assets totaling more than $10 billion. Investors, both retail and institutions, will therefore be looking for lower-priced products.
Ethereum ETFs also begin to trade at the same time that exchange balances continue to drop, as illustrated below.
Ethereum Reserves in Exchanges
Ethereum is doing very well despite the recent crypto-sale. Ethereum’s network is worth over $108.95billion. total value locked Stablecoins and (TVL). The fees collected by the company are higher than Tron and Bitcoin combined.
Ethereum Price: Analysts bullish
Some of the most prominent crypto analysts are of the opinion that Ethereum will soon see a breakout. Rekt Finance reported in an X post that Ethereum’s futures interest is increasing. This indicates the institutional demand for the ETF.
Ether, he said, is an asset which has been steadily decreasing its supply. He expects ETH to jump immediately after ETF approval. It will then go through a period of consolidation and pullback, as Grayscale Ethereum Fund investors move on to more affordable options. Then, it will return to its bullish direction.
Another Tweet Crypto RoverOver 700k people follow. He noted that Ethereum formed a channel that looked like a wedge falling pattern. It is a pattern which, in most cases supports the potential for upside. He thinks the breakout will happen in the near future.
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Source: crypto.news