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Ethereum ETH kraken

Ethereum Analyst Thinks Prices Will Immediately Rally After Spot ETF Approval: Here’s Why

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum is slipping after printing higher highs over the weekend. Considering price action, the coin is up roughly 5% from last week’s lows but is still trending below the all-important resistance at $3,700.

Although ETH holders and traders are upbeat, prices must decisively close above this liquidation level, paving the way for more gains in short to medium term.

Will Prices Plunge After Spot Ethereum ETF Begin Trading?

The cause for optimism follows the rapid shift by the United States Securities and Exchange Commission (SEC) to approve the first spot Ethereum exchange-traded fund (ETF) in the country.

Following encouraging events in May, where the agency approved all 19b-4 forms, the product could go live and be accessible to investors and institutions in two weeks.

Related Reading: Crypto Could Avert Debt Crisis, Says Ex-US House Speaker

While there are concerns that the approval of the spot Ethereum ETF could lead to another wave of lower lows, as seen with the spot Bitcoin ETF in January, one analyst is stepping in to reassure holders.

Taking to X, the analyst pointed out that the potential impact of Grayscale selling its Ethereum holdings (ETHE) once spot ETFs go live would be minimal, providing stability and confidence in the market.

Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView

This preview concerns ETH’s current state of affairs and the broader Ethereum ecosystem. The market wasn’t prepared for the United States SEC to fast-track the product’s approval this year.

In Bitcoin’s case, prices rose sharply from mid-October as the markets anticipated the spot ETF going live in January. Once launched, it became a “sell the news” event, briefly pushing down prices.

Meanwhile, Ethereum prices are turning lower after marked gains posted on May 20 when news permeated to the community of the United States SEC’s scrambling efforts.

Eyes On Grayscale And ETHE Discount

At the same time, the analyst pointed out that, unlike Grayscale’s GBTC before the approval of spot ETFs, the discount in ETHE is narrow and within the 1-3% range. Currently, Grayscale manages over $10 billion of ETHE.

ETHE assets under management | Source: Grayscale
ETHE’s assets under management | Source: Grayscale

The tiny discount means traders who bought ETHE for the discount have had sufficient time to sell at near market price. As such, it means that even once a spot Ethereum ETF goes live, selling pressure would be minimal.  

Related Reading: Malaysia Tightens The Noose On Crypto Taxation With Nationwide ‘Ops Token’ Initiative

Still, only time will tell whether ETH will soar or plunge in the next two weeks. From a regulatory perspective, the clarity that results after the spot Ethereum ETF is released could spark demand, allowing more institutions to gain exposure. K33 analysts predict the product will attract between $3.1 billion and $4.8 billion in net inflows within the first five months of trading.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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