CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
Ethereum Price: Analyst Predicts ETF To Boost ETH Performance Over BTC
Table of Contents
Market Musing-g

Ethereum Price: Analyst Predicts ETF To Boost ETH Performance Over BTC

Coingape News Media
By Coingape News Media
6 months ago
4 mins read
Ethereum Price: Analyst Predicts ETF To Boost ETH Performance Over BTC

Over the past two months, Ethereum has been performing better than Bitcoin, with analysts expecting an increase in the coming days due to the launch of an Ethereum ETF. This is expected to strengthen ETH against BTC, especially in the case of a bearish divergence on the BTC weekly chart.

Upcoming Ethereum ETF Expected to Drive Growth

The approval of an Ethereum ETF is likely to provide a major boost to ETH, possibly triggering more capital investments in the market. According to the analyst Michael Van de Pope, ETH would continue to outperform the Bitcoin trend due to this. K33 research also reveals that these inflows could constitute about 0.75-1% of Ethereum’s circulating supply over five months. 

The analyst believes that the current ETH/BTC prices are good for the patient traders. The ETF launch is expected to cement ETH’s standing and boost its price as institutional investors join the market.

However, the upcoming ETF is an event that can mark the change of the tide in the markets when it comes to Ethereum. The market has Ether futures priced lower than Bitcoin futures even as investors expect better performance of ETH after the ETF launch.

Spot Ethereum ETF Approval: Market Awaits SEC Decision

The U.S. Securities and Exchange Commission (SEC) has still not granted approval to spot Ethereum ETFs, leaving issuers waiting for an extended period. As reported by Bhushan Akolkar, the absence of the SEC’s comments this week on the spot Ethereum ETF has raised concerns among issuers. In response, ETF Store President Nate Geraci said that the SEC is handling the spot Ethereum ETF S-1 filings with as much confidentiality as 19b-4 forms.

Although Geraci has not received any communication from the SEC, he thinks the approval may come soon, perhaps within the next week.

Bloomberg’s ETF strategist Eric Balchunas noted that there is no information whatsoever from the SEC about Ethereum ETFs, making issuers confused about the holdup. Largest market participants and Ethereum whales have been buying ETH in preparation of ETF approval, with the expectation of ETH price soaring after the approval process.

Bitcoin Faces Potential Sell Pressure

Bitcoin is anticipated to face selling pressure at $8.5 billion worth of BTC is sent back to the creditors of the prominent crypto exchange that went bankrupt, Mt. Gox. Such an influx of Bitcoin into the market might put downward pressure on the price of Bitcoin.

However, Benjamin Cowen, an analyst, pointed out that the previous Ethereum narrative of outperforming Bitcoin has not been realized as anticipated.

According to Cowen, events like the shift from proof-of-work to proof-of-stake have not had a major impact on the ETH/BTC pair. He remains skeptical about the impact of the spot ETF for ETH in sustaining a high ETH/Bitcoin valuation, drawing parallels with previous market trends.

Market Sentiment and Price Predictions

The market continues to be somewhat polarized over the valuation of Ethereum when compared to Bitcoin. Looking at historical data, Bitcoin dominance tends to rise in the fourth quarter of the halving years, which implies that BTC dominance may increase later this year even if there are temporary retracements.

Crypto exchange Kraken has said that it is bullish on Ethereum ETFs to bring in a lot of money into the market. According to Thomas Perfumo of Kraken, the market anticipates that Ethereum ETF products will see between $750 million and $1 billion in monthly inflows.

This projection is based on the comparison with Bitcoin ETFs inflow rate which has been above $2. 5 billion.

0 likes
|

Other articles published on Jul 13, 2024

Market Musing-g

Ethereum ETF Launch: Analyst Predicts ETH Could Mirror Bitcoin’s 200% Surge

Analyst predict that ETH’s chart looks almost identical to Bitcoin before it surged 200% last year. Staked ETH has also been on the rise and is currently at 33. 3 million ETH, which is 27. 7% of th...
By Crypto News Flash
6 months ago
4 mins read
Market Musing-g

Prime Altcoins for 2024: BlockDAG’s X100 Miner Drives Presale to $57.6M Amid Ethereum Product Out...

Despite broader trends, Ethereum and BNB exhibit bullish momentum during fluctuating markets. Simultaneously, BlockDAG, positioned as a layer 1 project, has attracted substantial investments due to...
By Optimisus
6 months ago
5 mins read
Market Musing-g

Nigerian Court Sets Verdict Date for Binance Tax Evasion Trial

Binance legal representative, Ayodele Omotilewa, appeared in court, entering a not-guilty plea for the exchange of all four charges. The post Nigerian Court Sets Verdict Date for Binance Tax Evasio...
By TheCoinrise Media
6 months ago
3 mins read
Market Musing-g

Donald Trump survives assassination attempt at a campaign rally

Donald Trump just got shot at during a campaign rally in Pennsylvania. Trump survived the gunshot, but his attacker is now dead. Trump was rushed off-stage by armed personnel, who quickly formed a ...
By Cryptopolitan_News
6 months ago
5 mins read
Market Musing-g

Investing in Bitgert: Why This High-Growth Crypto Token is a Must-Have in Your Portfolio

Discover Bitgert (BRISE): A high-growth crypto token with cutting-edge technology, sustainable practices, and strategic partnerships for a diversified portfolio.
By Coingabbar
6 months ago
2 mins read
Market Musing-g

DWS Confirms Plans To Launch First Regulated Euro-Backed Stablecoin In 2025

Asset manager DWS is planning to launch the first regulated euro-backed stablecoin in 2025 under a new joint venture firm called AllUnity, the firm’s CEO Stefan Hoops told Reuters on July 11. Hoops...
By ItsBitcoinWorld
6 months ago
2 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!