On Sunday, June 23, the price of Ethereum (ETH) plummeted by an extra 3.72% into the broader market slump. However, with the spot Ethereum ETFs going live in just two weeks, this would be an excellent moment to start bottom fishing since the ETH price reversal might be approaching.
Approval of Ethereum ETF to Occur in Two Weeks?
In preparation for the spot Ethereum ETF debut by the end of the first week of July, almost eight companies filed the S-1 modifications to the U.S. Securities and Exchange Commission (SEC) last Friday.
The ETH Store President, Nate Geraci, said that the next two weeks will be crucial for the cryptocurrency market. According to him, the approval of the spot Ethereum ETF has the potential to significantly impact the cryptocurrency and restart its upward trend.
“The biggest thing I am watching for is the fee on the Grayscale’s mini ETH trust,” Geraci tweeted recently on the X platform. Given that there is a micro BTC trust, this fee may cause ripple effects in the spot Bitcoin ETF market.
“Buckle up,” advises Nate Geraci, indicating that the next two weeks could bring turbulence and opportunity. Geraci made a significant further prediction, stating that by this time next year, assets in spot cryptocurrency exchange-traded funds (ETFs) would overtake those in physical gold ETFs.
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
Is ETH Price About to Revers?
Ethereum’s price had dropped below $3,400 at the time of publication, following Bitcoin as a casualty of selling pressure. On-chain signs, however, point to the possibility of an imminent Ethereum price reversal.
Despite the robust Layer-2 activity reaching unprecedented heights, the Ethereum gas price is at its lowest point in years. This demonstrates that the blockchain network for Ethereum is ready to support increased scalability. According to cryptocurrency expert Ali Martinez, the number of active Ethereum addresses has risen to 617,170, the highest level in three months.
#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
