The post Can Ethereum ETFs Push ETH Price Past $5,000 by Q3? appeared on BitcoinEthereumNews.com.

As July approaches, spot Ethereum ETFs, which received the US SEC partial green light on May 23, near their official launch. Many investors wonder if the price of Ethereum (ETH) will follow Bitcoin’s (BTC) reaction to its related financial instruments in January. That answer, however, lies in the future, which may begin in a few days. While waiting, the on-chain analysis provides actionable insights that can predict if the altcoin is following a likely pattern.  The Altcoin Investors Are in High Spirits Amendment of registration documents is one factor that has delayed the live trading of the spot Ethereum ETFs. However, in a recent interview, SEC Chair Gary Gensler confirmed that things were going smoothly. Furthermore, a report from anonymous sources at the regulatory agency reveals that the products will launch on July 4. Following the development, BeInCrypto monitors holder behavior towards ETH. According to our findings, ETH holders display resolute confidence in the cryptocurrency. We discovered this after examining the LTH-NUPL provided by the analytic platform Glassnode.  The metric stands for Long Term Holder-Net Unrealized Profit/Loss. It measures the behavior of holders who have owned a cryptocurrency for over 155 days. As seen in the chart below, different colors exist for different sentiments. Read more: Ethereum ETF Explained: What It Is and How It Works Ethereum LTH-NUPL. Source: Glassnode While red indicates capitulation, orange means fear. Yellow indicates optimism, while blue suggests greed. Currently, Ethereum’s LTH-NUPL is in the belief (green) zone. When this happens, long-term investors are confident about a forthcoming price increase. However, ETH has experienced a 12.75% decline in the last 30 days while it trades at $3,365. In situations like this, the broader sentiment is expected to be bearish. Thus, as perception tilts toward confidence, the much-anticipated development seems to be the reason. If sustained till…

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Filed under: News - @ June 28, 2024 12:22 pm