Ethereum [ETH] Today, ETH Exchange-Traded Funds are making news headlines. [ETF] They are preparing to launch. ETH’s price has not risen despite the buzz generated by these launches. In the last 30 days, ETH has fallen by over 12%. ETH and other assets were up earlier in the day. ETH soared up to a record high of $3.418, but then fell back. At press time it had dropped to $3,355.39 after a daily decline of 1.84%.
This continued bearishness slowed down the altcoin’s rally. ETH experienced a surge earlier in the year, which was above the crucial $4,000 threshold. The community began to believe that it could reach the all-time record of $4,891.70. Ethereum has fallen 31% from its peak of three years ago. A few people were also so optimistic that they believed $5,000 would be a very easy goal for this altcoin.
Also Read: VanEck Will Offer Ethereum ETF With Zero Fees Till 2025
Ethereum will have a solid start for the next month. Altcoins are expected to be traded a bit above their current levels. Changelly reveals, on July 1, ETH will likely be valued at $3476.44, a 2.53 % increase from the current price.
Ethereum ETFs: Can they drive the price of ETH?
Ethereum will likely suffer a fate similar to that of Bitcoin [BTC] After the launch, spot ETFs. Bernstein analysts think otherwise. Gautam Chugani, Mahika Sapra and Bernstein said,
“[Ethereum] should not see as much spot [ethereum] conversion due to the lack of an ETH staking feature in the ETF. [Ethereum] as a primary tokenization platform is building up a strong use-case, both for stablecoin payments, as well as tokenization of traditional assets and funds.”
Also Read: SEC Chair Gensler Says Ethereum ETF Approval is Going Smoothly
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
