Ethereum ETF Coming: During the broader market correction that occurred on Sunday, June 23, the price of Ethereum (ETH) dropped by an additional 3.72%. On the other hand, this would be an excellent moment to engage in bottom fishing. Because of the reversal of the price, ETH might be on the horizon. Due to the fact that spot Ethereum ETFs will go live in just two weeks from now.
Expect Ethereum ETF Approval in Two Weeks?
Preparations were being made for the launch of the spot Ethereum exchange-traded. Fund (ETF) by the end of the first week of July. Nearly eight companies submitted the S-1 modifications to the United States Securities and Exchange Commission (SEC) on Friday this week, according to Nate Geraci, the President of the ETH Store. The cryptocurrency market is going to become extremely important over the next two weeks. The approval of the spot Ethereum exchange-traded fund (ETF) might have far-reaching repercussions. According to him, it can put cryptocurrency back on the course of an upward trajectory.
Geraci made the following statement in a tweet that he sent out on the X platform. The most important thing that I am keeping an eye on is the fee on Grayscale’s mini version of Ethereum trust.” Given that there is also a micro Bitcoin trust, he is of the opinion that this fee has the potential. This will cause shockwaves to be sent into the spot Bitcoin ETF market. “Pick yourself up,” Nate Geraci says as he anticipates that the next two weeks will be filled with a certain amount of instability as well as potential chances. In addition, Gercai anticipated that by this time next year, the assets held in spot cryptocurrency exchange-traded funds (ETFs) will surpass those held in physical gold ETFs. This was a significant prediction.
ETH Price Reversal Soon?
In addition to Bitcoin, Ethereum ETF Coming has also been affected by the selling pressure, as seen by the fact that its price has fallen below $3,400 as of the time of this publication. Nevertheless, on-chain evidence points to the possibility. Ethereum’s price could undergo a reversal in the very near future.
In spite of the fact that the level of Layer-2 activity has reached an all-time high. The gas fee for Ethereum has reached its lowest level in years. Given this information, it is clear that the Ethereum Blockchain Network is prepared to deal with increased scalability. An additional statement made by cryptocurrency analyst Ali Martinez was about the number of active users. Ethereum addresses had reached a total of 617,170, which is the most it has been in the past three months.
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