The price of Ethereum (ETH) experienced a further decline of 3.72% on Sunday, June 23, amidst broader market corrections. Despite this downturn, analysts are eyeing potential opportunities for bottom fishing as speculation mounts over the imminent launch of spot Ethereum ETFs.
Nearly eight firms have recently submitted S-1 amendments to the U.S. Securities and Exchange Commission (SEC), paving the way for the potential launch of a spot Ethereum ETF by early July. Nate Geraci, President of the ETH Store, emphasized the significance of the next two weeks for the crypto market. He believes that the approval of spot Ethereum ETFs could catalyze a resurgence in Ethereum’s price trajectory.
Geraci’s recent tweet underscored the potential impact of fees on Grayscale’s mini ETH trust, suggesting potential reverberations in the broader spot Bitcoin ETF market. He advised stakeholders to prepare for volatility and anticipate potential opportunities in the coming weeks. Geraci even predicted that assets in spot crypto ETFs could surpass those in physical gold ETFs within the next year.
Despite recent price declines below $3,400, Ethereum’s on-chain indicators hint at a potential reversal. The blockchain network has experienced record highs in Layer-2 activity while observing the lowest gas fees in years, signaling increased scalability capability. Crypto analyst Ali Martinez highlighted a surge in Ethereum’s active addresses to their highest levels in three months, totaling 617,170.
As the market awaits regulatory developments and monitors on-chain metrics, Ethereum enthusiasts remain optimistic about the digital asset’s future performance amid evolving market dynamics.
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