Ethereum [ETH] ETH Exchange-Traded Funds has recently made the news, especially since they are now available. [ETF] They are preparing to launch. ETH’s price has not risen despite the buzz generated by these launches. Altcoins have dropped over 12% in the last thirty days. ETH and other assets were up earlier in the day. ETH soared up to a record high of $3.418, but then fell back. It dropped as low as $3,355.39 at the time of press, following a daily loss of 1.84%.
![](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/AI-Sets-ETHs-Price-for-July-1-2024.jpeg)
A bearish mood has halted the altcoin rally. ETH spiked above $4,000 earlier this year. This led the community to think that it might reach its highest point of $4.891.70. Ethereum has fallen 31% from its peak of three years ago. Several people were also so optimistic that $5,000 seemed like a reasonable target.
Also Read: VanEck Will Offer Ethereum ETF With Zero Fees Till 2025
Ethereum will have a solid start for the next month. It is predicted that the altcoin will trade slightly above its current price. Changelly reveals on July 1 ETH will be valued at $3,476.44, a rise of 2.53% from its present level.
![](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/AI-Sets-ETHs-Price-for-July-1-2024.png)
![](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/AI-Sets-ETHs-Price-for-July-1-2024.png)
Ethereum ETFs: Can they drive the price of ETH?
Ethereum may suffer the same fate as Bitcoin [BTC] Following the launch of spot ETFs. Bernstein analysts disagree. Gautam Chugani, Mahika Sapra and Bernstein said,
“[Ethereum] should not see as much spot [ethereum] conversion due to the lack of an ETH staking feature in the ETF. [Ethereum] as a primary tokenization platform is building up a strong use-case, both for stablecoin payments, as well as tokenization of traditional assets and funds.”
Also Read: SEC Chair Gensler Says Ethereum ETF Approval is Going Smoothly
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru