ETH Price Reversal Soon As Ethereum ETF Coming In Two Weeks

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As a researcher with extensive experience in the cryptocurrency market, I believe that the recent downturn in Ethereum’s price could be an opportunity for investors to bottom fish. The upcoming approval of spot Ethereum ETFs, which is expected within the next two weeks, holds significant potential for putting Ethereum back on its upward trajectory.

As a crypto investor, I experienced a 3.72% dip in the price of Ethereum (ETH) on June 23rd. The market correction took its toll on ETH as well. Yet, this setback might present an opportunity for those willing to take a calculated risk. With the spot Ethereum Exchange-Traded Funds (ETFs) scheduled to go live in just two weeks, the potential for a price reversal is worth considering. Hence, bottom fishing could be a viable strategy at this juncture.

Spot Ethereum ETF Approval Ahead in Two Weeks?

As a crypto investor, I’m excited to share that last Friday, at least 8 firms took a significant step towards making an Ethereum Spot Exchange-Traded Fund (ETF) a reality by submitting S-1 amendments to the U.S. Securities and Exchange Commission (SEC). Their goal is to have this ETF launched by the end of the first week in July.

Nate Geraci, President of the ETH Store, emphasized that the upcoming two weeks are significant for the cryptocurrency market. According to him, the approval of the Ethereum spot ETF could lead to substantial consequences and potentially revive the crypto market’s bullish trend.

As an analyst, I’m closely monitoring Geraci’s latest tweet on the X platform. His key focus is on the fee associated with Grayscale’s Mini Ethereum Trust. He expresses his concern that this fee could potentially create ripples in the Bitcoin ETF market, given the existence of a Mini Bitcoin Trust as well.

Nate Geraci warns, “Fasten your seatbelts,” as he anticipates market turbulence and prospects for gains over the next fortnight. In a more significant forecast, Geraci projects that crypto exchange-traded funds (ETFs) will outpace physical gold ETFs in asset value by this time next year.

Everyone ready for these next two weeks?

Spot eth ETFs could *potentially* be approved & trading.

Biggest thing I’m watching for is fee on Grayscale mini eth trust.

That fee could send shockwaves through spot *btc* ETF landscape as there is also mini btc trust.

Buckle up.

— Nate Geraci (@NateGeraci) June 24, 2024

ETH Price Reversal Soon?

As a researcher studying the cryptocurrency market, I’ve observed that both Bitcoin and Ethereum have faced selling pressure, causing Ethereum’s price to dip below the $3,400 mark at present. However, upon examining on-chain data, I believe there are signs of an imminent price reversal for Ethereum.

Although record-breaking Layer-2 transactions have occurred, Ethereum gas fees have surprisingly hit rock bottom levels. This observation underscores the network’s readiness for enhanced scalability. Moreover, crypto analyst Ali Martinez reported a remarkable surge in Ethereum active addresses, totaling 617,170 – their highest count in three months.

Three months have seen the greatest surge in the number of active Ethereum addresses holding ETH, with a total count of 617,170 now in use.
— Ali (@ali_charts) June 22, 2024

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2024-06-24 07:56