Ether Back Above $3K amid Approaching Spot ETH ETF Approval

As a researcher with experience in the cryptocurrency market, I find the recent price action of Ethereum (ETH) intriguing. The digital asset’s reclaiming of the $3,000 price level is an important milestone that indicates bullish sentiment among investors. It’s crucial for ETH to maintain this price region before another potential bull run.

Ether (ETH), the native token of Ethereum and currently the leading blockchain in terms of total value secured, regained the $3,000 mark following a brief dip below this price point. Maintaining a presence at this significant price level is crucial for Ether as it could pave the way for further growth.

At present, the cost of Ethereum is $3,060, marking a 1.74% increase in the previous 24 hours. The total market value of this digital currency amounts to an impressive $367 billion. Notably, the trading volume has surged by 55.42%, reaching a significant $16.54 billion. Earlier today, Ethereum hit a low of $2,830 before regaining ground as investors stepped in to bolster its price.

Ethereum (ETH) currently has a peak price of $3,073 per token, with investors eagerly anticipating a surge above the $3,100 threshold. It’s important to note that Bitcoin‘s (BTC) decline beneath the $60,000 mark resulted in ETH experiencing a 11.94% drop over the past week and a 17.13% setback over the last month. Nevertheless, Ethereum has registered an impressive gain of 64.02% since July 2023.

As a researcher studying the cryptocurrency market trends, I’ve discovered some intriguing data from CoinGlass regarding Ethereum positions. In the previous 24 hours, around $28.86 million in Ethereum short contracts and $29.61 million in long contracts were liquidated. This significant price movement led to the termination of these positions. Within the last hour alone, approximately $5.47 million worth of Ethereum short contracts and $586,550 in long contracts were liquidated. The sudden uptrend in ETH‘s price unexpectedly forced these short sellers out of the market.

Approximately $250 million in long positions on Ethereum would be liquidated if its price dropped below $2,999, according to Coinglass. Conversely, a fall to $2,705 could lead to the liquidation of around $1 billion worth of long positions. However, if Ethereum recovers and holds above the $3,200 mark, approximately $200 million in short positions would be eliminated.

As an analyst, I’ve noticed an intriguing trend in the investment behavior of Ethereum (ETH) investors. A substantial portion of funds is allocated to long positions, while shorts hold a relatively smaller stake. This disparity indicates a strong bullish sentiment towards ETH among investors, implying optimism for its future price appreciation.

Spot Ether ETF Approval

The SEC’s verdict on approving ETH ETFs for trading at specific spots is imminent. Previously this year, asset managers such as VanEck, BlackRock, and Fidelity received 19b-4 approvals. Nonetheless, the S-1 filings, which are a prerequisite for product trading, remain unapproved.

As Nate Geraci, the President of The ETF Store, shares, the approval is anticipated to take place on July 8th. Following this approval, market movements are likely to be substantial based on analysts’ predictions. One aspect I am particularly interested in is the fee structure. If these ETFs don’t hit the market on that Monday, their debut can be expected within the “next week or two”.

Experts have shared their insights on the anticipated timeline for Ether ETF approval and estimate that a decision from the SEC is likely to be reached by mid-July. Furthermore, crypto exchange Gemini projects that over $5 billion will be invested in ETH ETFs during the initial six months following approval.

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2024-07-08 15:09