Ethereum
Is the impact of ETFs on ETH price grossly underestimated?
The German government has lost nearly 5,000 BTC after selling over 90% of its balance in the past few days. This has pushed the market and participants into disbelief as the selling pressure continues to mount without sufficient participation from the bulls. While Bitcoin is struggling to hold $57,000, Ethereum’s price is comfortably above $3,000 as the bears use all their resources to push the levels lower.
Ethereum ETF is on track. Following the approval, traders are eagerly awaiting the launch of the ETF, which is expected to kick off a further surge in the price of ETH. ETH Price ETH has rebounded from its mid-lows of around $2,800 to over $3,000. However, after the ETF goes live, institutional interest in ETH is expected to increase, similar to that of BTC.
Ethereum is one of the largest staking platforms. Nearly 40% of ETH supply has been locked up and 28% is staked. The Ethereum spot ETFs will unlock $9 billion worth of ETH, which is expected to come from Grayscale, which holds over 2.9 million ETH.
However, ETH price is expected to reclaim one of the crucial resistances as the ETF launch is fast approaching. If the bulls manage to hold the crucial defense at $3,000 throughout the upcoming weekend, then a major upswing could occur. The fresh upswing could also push the price above $4,000 as the second-largest token looks to find a solid base.
ETH price seems to be following a similar trend as it did during the launch of the BTC spot ETF. With the recent surge, the price is struggling to secure the crucial 200-day moving average level at $3,120. Furthermore, the MACD is on the verge of validating a bullish crossover that could attract fresh liquidity, increasing buying pressure on the token.
With the launch, if Ethereum (ETH) price shows a similar trend, then the price could mark new yearly highs above $4,000, 30-45 days after the launch.