It's been couple of days for the ethereum spot ETF approval and now ethereum price is kind of stable. We have seen a significant rise on the eth coin value prior to the approval but now it's down. The similar price pattern we have seen when the Bitcoin spot ETF of was approved with Bitcoin in the market. ETF approval with something that can bring more price value and appreciation in long run and I don't think we are going to expect immediate impact in the market. Currently the Bitcoin price he is trading around 67k however it was more than 70k couple of days back. The aquarium price has also made its high with 4K US dollar price but now it is slightly less however it is also looking sort of stable in the current price range.
ETH pricing
Below is the ethereum price chart for last 30 days and you can see that there has been and increase are over 16% in last 30 days how were the major movement can be seen last 7 days which is around the approval time for ethereum.
There are many other factors that we need to go through for ethereum after the spot ETF approval -
- Staking for ETF has increased ok chain and this is reducing the circulation supply from the market. It's an important part of the market and in case of ethereum this is going good so in long run this will contribute for the price appreciation.
- There is less supply for ethereum on exchanges and this happens when there are less buyers in market. This can be one of the situation where in the market we have more buyers but sailors are less because they want to hold the coin considering the possible value appreciation which is expected to happen in next few months. It is the coin having a lot of potential in the market because it is the leading alt coin based on the market cap.
Ethereum spot ETF can be good for Bitcoin ?
I was reading a post by Michael Slayer and as per him the spot 80 for ether is good for the Bitcoin. This can be good because earlier we had just one option for institutional investors which was Bitcoin ETF but now with the addition of barium spot Etios there will be two options. This will also contribute for increase on the confidence for investors because they will know that legitimacy is more when there are multiple coins offering the spot ETF option. Every investors try to invest money on something which is legitimate and with ETF that option is not a problem because it is approved by the SEC.
Even after the Bitcoin ETF approval, it took sometime to see the price recovery and now we have seen how it work however it is also expected that Bitcoin will go towards 80k which can be a matter of a few months.
I am expecting the ethereum price to make 10k in this market cycle and this should be happening in a year which might happen this year or the next hence we I will follow my strategy accordingly. Tho it's not a financial advice and I will continue to follow the old strategy with etherium because I am expecting a significant price rise by end of this year or maybe next year once the alt coin rally starts. We have seen great pricing for the Bitcoin in last few months but there is no good rally on alt coins and this is why it is a time when we need to wait for alt rally in the market.
Thank you
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