Ethereum

Rekt

<p class="is-style-lead">Ethereum price has held relatively well in the past few days as the odds of spot ETF approvals rose. <a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH </a>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.</p> 
<p>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 <a href="https://crypto.news/spot-ethereum-etf-could-begin-trading-soon-heres-why/" target="_blank" rel="noreferrer noopener">spot Ethereum ETFs</a> will start trading soon.</p> 
<p>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.</p> 
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   <p lang="en" dir="ltr">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.. <a href="https://t.co/2BlkDnWhrz" target="_blank" rel="">https://t.co/2BlkDnWhrz</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1805596193977761954?ref_src=twsrc%5Etfw" target="_blank" rel="">June 25, 2024</a>
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<p>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.&nbsp;</p> 
<p>Similarly, the Grayscale Ethereum Trust (ETHE), which has a management <a href="https://www.grayscale.com/crypto-products/grayscale-ethereum-trust" target="_blank" rel="">fee of 2.50%</a>, has over $10 billion in assets. As such, lower-priced funds will likely see heavy demand from retail and institutional investors.&nbsp;</p> 
<p>Ethereum ETFs will also start trading at a time when balances in exchanges continue dropping, as shown below.&nbsp;</p> 
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<p><em>Ethereum reserves in exchanges</em></p> 
<p>Ethereum’s ecosystem is still doing well even as the crypto sell-off continued. The network has over $108.95 billion in <a href="https://defillama.com/chain/Ethereum?currency=ETH" target="_blank" rel="">total value locked</a> (TVL) and almost $80 billion in stablecoins. It has collected fees worth $1.65 billion, higher than Tron’s and Bitcoin’s combined.&nbsp;</p> 
<h2 class="wp-block-heading" id="analysts-are-bullish-on-ethereum-price">Analysts are bullish on Ethereum price</h2> 
<p>Some of the top crypto analysts believe that Ethereum is on the cusp of a bullish breakout. In an X thread, Rekt Finance noted that Ethereum’s open interest in the futures market was rising, which is a sign of institutional demand ahead of the ETF approval.&nbsp;</p> 
<p>He also noted that Ether was a deflationary asset that has constantly been reducing its supply over time. Altogether, he expects that ETH will jump after the ETF approval, then move to a consolidation or pullback as many Grayscale Ethereum Fund holders move to cheaper options, and then it will resume its bullish trend.&nbsp;</p> 
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   <p lang="en" dir="ltr">🚨 "ETH IS GOING TO ZERO" – that's what everyone's saying.<br><br>But I'll prove them wrong.<br><br>I dug into the data and what I found was shocking.<br><br>🧵: When &amp; why <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ETH</a> is heading to $10K (+ trigger altseason) 👇 <a href="https://t.co/nnlUDJlbNz" target="_blank" rel="">pic.twitter.com/nnlUDJlbNz</a></p>— Rekt Fencer (@rektfencer) <a href="https://twitter.com/rektfencer/status/1805717203783671859?ref_src=twsrc%5Etfw" target="_blank" rel="">June 25, 2024</a>
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<p>In another Tweet, <a href="https://twitter.com/rovercrc/status/1806665349557076293" target="_blank" rel="">Crypto Rover</a>, who has over 700k followers, noted that Ethereum had formed a descending channel that resembles a falling wedge pattern. In most cases, this is one of the bullish patterns that supports upside potential. He expects that the breakout could happen soon.&nbsp;</p>

Ethereum price could go parabolic soon, analysts say

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