The post Ethereum price could go parabolic soon, analysts say appeared on BitcoinEthereumNews.com.

Ethereum price has held relatively well in the past few days as the odds of spot ETF approvals rose. ETH token was trading at $3,455 on Friday, a few points above this week’s low of $3,233. It remains in a correction zone after falling by 13% from its highest point this month. The main catalyst for Ethereum is the anticipated spot Ethereum ETF approval by the Securities and Exchange Commission (SEC). As we reported on Thursday, there is a rising possibility that spot Ethereum ETFs will start trading soon. The rising anticipation happened after VanEck filed form 8-A, which is an important document in the ETF application process. Eric Balchunas, a senior ETF analyst at Bloomberg believes that these funds will start trading on July 2nd. VanEck just filed 8-A form for spot Eth, which is just part of process, but.. should be noted that they filed their 8-A for spot bitcoin exactly 7 days before launch. Good sign for our July 2nd over/under (7 days from now). But again, anything poss. Sure we’ll hear more soon.. https://t.co/2BlkDnWhrz — Eric Balchunas (@EricBalchunas) June 25, 2024 The approval of spot Ethereum ETFs would be a big deal. As we saw with Bitcoin, there is a strong demand for cryptocurrencies from institutional investors.  Similarly, the Grayscale Ethereum Trust (ETHE), which has a management fee of 2.50%, has over $10 billion in assets. As such, lower-priced funds will likely see heavy demand from retail and institutional investors.  Ethereum ETFs will also start trading at a time when balances in exchanges continue dropping, as shown below.  Ethereum reserves in exchanges Ethereum’s ecosystem is still doing well even as the crypto sell-off continued. The network has over $108.95 billion in total value locked (TVL) and almost $80 billion in stablecoins. It has collected fees worth…

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Filed under: News - @ June 30, 2024 5:04 am