Ethereum ($ETH) is under selling pressure, nearly replicating the trend that Bitcoin ($BTC) has been following in the last couple of days. However, early July 2024 could see a reversal of the chart’s flow. Analysts expected the US Securities & Exchange Commission to give the final green light to Spot Ether ETF applications. Exchange platforms can then make the product accessible to traders and investors. Approval could come as early as July 4, 2024.
A total of eight firms have reportedly submitted the S-1 amendments to the Commission as of last Friday. Nate Geraci believes that the next two weeks are crucial for ETH. The President of the ETH Store also believes that the Ether ETF’s approval will have far-reaching implications, including putting it back on an upward trajectory.
Advertisement
For reference, ETH has been declining recently. The current value of $3,377.01 is down by 3.72% in the last 24 hours and 5.02% in the last 7 days. It further reflects a drop of 9.90% in the last 30 days. Nate has stated in a post on X that they are looking forward to the fees that Grayscale’s miniETH trust will attract. Needless to say, Nate’s speculation includes high volatility in the next 2 weeks.
Ethereum is sending strong signals to the market with its on-chain activities. Ali Martinez, a notable crypto analyst, has highlighted that active addresses have gone up and reached 617,170. Furthermore, gas prices are at their lowest in years, despite higher L2 activities. This translates to the fact that Ethereum is well-suited to handle scalability.
Prevailing sentiments are bearish, with the Fear & Greed Index showing 51 points for ETH. The token is hovering around a lower mark amid the volatility of 3.30% and a 14-day RSI of 40.64. ETH predictions estimate the token to reach a value of $5,097 by year-end. Near-term predictions expect the token to reach $3,530.67 in the next 30 days, with a surge of 2.76% from the current mark.
As for Bitcoin, the token has breached the mark of $63,000 at the press time. It is below that margin for a listing value of $62,465, down by 3.02% in the last 24 hours. BTC has not lost the charm of dominating the segment with a market cap of $1.2 trillion. Bitcoin got approval for an ETF earlier this year. It opened the door for institutional and retail investors to fetch profits without actually holding them.
Advertisement
An Ether ETF approval will do the same for Ethereum and could potentially mark a major uptick in the token’s value and market. Analysts are expecting the SEC to give a maximum nod of approval by July 4, 2024. The actual date may vary, and the approval can come a little late or early.
