Ethereum, the second largest crypto market by capitalization, is aiming to rally over the $3400 mark as the recently-approved ETH ETF approaches its launch. In the past 30 days it’s dropped by more than 9%. CoinMarketCap. Although there are some metrics that indicate a possible price rise, they do not support the theory.
Over the past 24 hours tokens are up almost 2%. Despite the fact that ETH is trading over $3100 and investors are dissatisfied with its performance, it remains a popular asset. In the first seven days of July, over $310 million worth of leveraged positions that were long-term have been liquidated. ETH has fallen by more than 18% during this time. Still, there is hope as the likelihood of a turn around is increasing.
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How about ETH at $3,400? ETF Hype, and Positive Data Could Drive Rally
Early this month VanEckFidelity and other Spot Ethereum ETF Issuers have filed revised S-1 Forms with the SEC. This brought the product closer to its launch. Experts now predict the investment vehicle is expected to begin trading within two weeks.
This could have a huge impact on ETH. Ethereum, in fact, is actively aiming for a rise above the $3400 mark, as the ETF’s launch approaches. Matt Hougan, Bitwise’s chief investment officer predicted that the product would gain $15 billion of inflows within its first 18-months.
Ether’s price doesn’t increase because of this fact. Waidmann and other crypto analysts predict that Ether’s value will increase due to the amount of supply locked up in booth stakes and dApps. Waidmann took to X (formerly Twitter) 40% of asset supply is locked at the moment.
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Glassnode shows that the exchange deposit has fallen to 12,21 million ETH. Two months earlier, this figure exceeded 13 million Ether. This drop could result in increased sales in the near term.
Ethereum’s ecosystem is backed by on-chain, derivatives and other data which indicate that the token will continue to rise. In the short term, it appears that the resistance of $3,400 will be a strong support for this asset. The ETF launch is expected to be delayed, but the expectation of its arrival could give the cryptocurrency a boost in interest.
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Source: watcher.guru
