The Ethereum (ETH) Price tanked by an additional 3.72% on Sunday, June 23, amid the broader market correction. However, this would be a good time for bottom fishing as the ETH price reversal could be on the horizon with the spot Ethereum ETFs going live in just two weeks from now.
Spot Ethereum ETF Approval Ahead in Two Weeks?
Last Friday, nearly 8 firms submitted the S-1 amendments to the U.S. Securities and Exchange Commission (SEC) while gearing up for the launch of the spot Ethereum ETF by the end of the first week of July.
Nate Geraci, the President of the ETH Store, stated that the next two weeks are going to be crucial for the crypto market. He stated that the approval of the spot Ethereum ETF could have far-reaching implications and holds the potential to put the crypto back on the upward trajectory.
In his recent tweet on the X platform, Geraci stated: “The biggest thing I am watching for is the fee on the Grayscale’s mini ETH trust”. He believes that this fee could send shockwaves into the spot Bitcoin ETF market, as there’s also a mini BTC trust.
“Buckle up,” says Nate Geraci as he expects some volatility and potential opportunities ahead in the upcoming two weeks. In a major prediction further, Gercai also stated that assets in the spot crypto ETFs would surpass the physical gold ETFs by this time around next year.
Everyone ready for these next two weeks?
Spot eth ETFs could *potentially* be approved & trading.
Biggest thing I’m watching for is fee on Grayscale mini eth trust.
That fee could send shockwaves through spot *btc* ETF landscape as there is also mini btc trust.
Buckle up.
— Nate Geraci (@NateGeraci) June 24, 2024
ETH Price Reversal Soon?
Along with Bitcoin, Ethereum has been the victim of the selling pressure with its price slipping under $3,400 levels as of press time. However, on-chain indicators suggest that a price reversal could be on the horizon very soon for Ethereum.
Also Read: Top 5 Reasons Why Ethereum Price Is Poised For A Reversal
Despite the strong Layer-2 activity hitting its all-time highs, the Ethereum gas fee has been lowest in years. This shows that the Ethereum blockchain network is all set to handle higher scalability. Crypto analyst Ali Martinez also stated that the Ethereum active addresses have surged to their highest in three months, thereby reaching a total of 617,170.
#Ethereum just saw its largest spike in active $ETH addresses in three months, reaching a total of 617,170 active #ETH addresses. pic.twitter.com/CSqBOnQhEr
— Ali (@ali_charts) June 22, 2024
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
