Ethereum’s price has been a hot topic lately, with speculation about the impact of a potential spot Ethereum exchange-traded fund (ETF) on its price movement. The recent dip in ETH’s price, trading around $3,500 as of June 17, reflects a broader trend in the crypto market where Bitcoin and other altcoins have struggled to maintain bullish momentum.
While BTC has seen a 2% decline over the past month, trading between $65-66k levels, ETH has managed to gain over 12% during the same period. The approval of spot Ether ETF filings by the SEC has provided some bullish momentum to ETH’s price, with the possibility of trading commencing as early as July 2nd.
Whale activity has been on the rise as the spot Ether ETF approval draws closer. Ethereum whales have purchased over 700,000 ETH in the past three weeks, totaling approximately $2.45 billion. The number of Ethereum addresses holding more than 10,000 ETH has also increased by over 3% in the last four weeks.
Ethereum’s Total Value Locked (TVL) remains strong, commanding over 61% of the total TVL share in the crypto market. As of June 17, Ethereum’s TVL stands at $62.186 billion, with leading platforms like Lido and Eigenlayer seeing significant increases in TVL.
Experts like Michaël van de Poppe and EmperorBTC see the potential launch of a spot Ethereum ETF as a major market event that could benefit the entire crypto market. Van de Poppe suggests that the approval of the ETF could signal broader acceptance of Ethereum as a commodity, leading to a price rally. EmperorBTC believes that the ETF will provide a new use case for Ethereum, attracting more capital into the market.
Looking at long-term price predictions, algorithmic forecasting websites offer varying perspectives on where ETH might be headed in the coming years. Priceprediction.net predicts Ethereum could reach $4,947 in 2024, while Digitalcoinprice is more optimistic, forecasting a price of $7,365 for the same year. For 2030, Priceprediction.net projects a price of $46,089, while Digitalcoinprice offers a more conservative estimate of $24,786.
While these forecasts provide valuable insights, it’s essential to remember that the crypto market is highly volatile, and prices can fluctuate dramatically. It’s crucial to do your own research, stay informed, and make investment decisions based on your risk tolerance and investment goals. As the crypto market continues to evolve, keeping a close eye on developments like the potential spot Ether ETF approval will be key to understanding Ethereum’s price movements.