As the launch of spot Ethereum ETFs gets closer, different opinions have come out. Some say that the price of ETH is going to decline , while others say they think it will go up significantly.
ETH might perform similarly to Bitcoin (BTC). Follis, an unauthorized expert on X, said that the Ethereum ETF could make ETH’s price rise like Bitcoin’s did from $26,000 to a record high of $73,750 in 2023 and 2024. ETH is trading at $3,108 right now, but an analyst says it could hit $9,324 in a year if there is a great deal of interest.
On July 10, Spot On Chain said that a “whale” had taken out $50.30 million worth of ETH. This was the first major gain since rumors about the Ethereum ETF’s effects started. Recent events, on the other hand, saw a whale sell ETH worth $12 million.
Ethereum whales increasing holdings
Glassnode data shows that Ethereum “whales” are now buying a lot of the cryptocurrency. From July 7 to now, 14,823 addresses hold $1 million or more in ETH, up from 14,217 on July 7. This rise shows that demand is rising and people are hopeful that the spot Ethereum ETF will be approved.
The price drop for ETH has been more expansive than the drop for BTC. The price of Ethereum fell by 24.65% from May 28 to July 9, while the price of Bitcoin fell by 19.43%. Even so, greater corrections have been linked to higher prices in the past.
The daily ETH/USD chart has a double bottom pattern that points to a possible turn in the rising direction. When this happened again in January 2024, the price of ETH rose 81.94% in three months, to $4,067.
If past trends hold true, ETH could be worth around $5,625 by the end of September, as long as bulls keep it above $2,934. In the short term, ETH could hit resistance at $3,555. After the start of the Ethereum ETF, it could go above $3,758. The price could go down, though, if the market stays negative after the start.
