- Before the anticipated debut of the Ethereum ETF, the price of ether has kept rising.
- In just two weeks, the coin has increased by 35%.
Only a few days after eight Ethereum exchange-traded funds (ETFs) were approved and before their scheduled launches, the price of ether is surging toward $4,000.
Ether has risen to $3,932 as of right now, up roughly 3.4% from the previous day and 35% from the previous Fortnite. It was in March the previous time it went over $4,000.
Cryptocurrency market-making enterprise According to QCP Capital, the price movement might have been set off by comments made over the weekend by former president and leading Republican contender for the presidency in 2024, Donald Trump, endorsing cryptocurrency.
Shortly before his planned attendance at the Libertarian National Convention, Trump posted on Truth Social, expressing his strongest support for cryptocurrencies to yet. He stated, “I have a very positive attitude and am open to anything related to cryptocurrency companies and this new and growing industry.”
But obviously, the ETF approvals had a role as well.
Today’s price movement suggests that market participants are expressing their bullishness in ETH rather than BTC, according to QCP Capital’s regular market update. This is especially true considering the potential for institutional demand once the ETH spot ETF starts trading.
The business stated that even if ETH is fundamentally good, a significant breakout won’t occur until the S-1 permissions are clarified and some inflow data is received. This should happen soon.
Getting Ready for the ETFs of Ethereum
Cryptocurrency traders have also recognized that the period of time between the Ethereum ETF approvals and the potential trading launch—which could take weeks or months—is surprisingly advantageous for the coin.
With the 19b-4s resolved, astute cryptocurrency investors may now have the chance to purchase Ethereum in advance of the S-1s being approved, front-running the ETFs’ launch and the possible billion-dollar inflow into these, according to eToro analyst Simon Peters.
Dealers predict that the expected inflows might be anywhere from 15 to 30 percent of what the Bitcoin ETFs saw. The approvals surprised issuers, who were unprepared, but the wait allows possible inflows to gather their thoughts.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
