 ▲ Ethereum (ETH) |
The price of Ethereum (ETH), the second largest coin in market capitalization, is trading in the $3,400 range as of the 12th (Korean time).
According to CoinMarketCap, Ethereum has lost 4.34% in value over the past 24 hours and 9.51% over the past week.
Ether prices appear to be fluctuating significantly as investment sentiment for risky assets has weakened significantly due to caution ahead of the U.S. inflation index and Federal Reserve interest rate decision this week.
According to CryptoQuant contributor Shayan, most futures traders are aggressively selling ETH. The analysis is that if this trend continues, ETH weakness may continue.
For this reason, the market is waiting for the final approval of the ETH spot ETF, which will provide momentum for a rebound.
In relation to this, Nate Geraci, CEO of ETF Store, an American ETF specialist, said through “The Bitcoin spot ETF and ETH futures ETF have already been approved, and there is no reason for the U.S. Securities and Exchange Commission (SEC) to delay approval of the ETH spot ETF.”
Previously, the SEC requested ETH spot ETF applicants to submit S-1 amendments, and Van Eck, Blackrock, and Franklin Templeton have submitted S-1 amendments.
Meanwhile, Edouard Hindi, chief investment officer of Tyr Capital, a digital asset management company for institutions, predicted in a recent interview with CoinDesk that “Ethereum’s target price this year is $10,000.”
He analyzed, "After approval of the ETH spot ETF, new capital worth $5 billion to $10 billion may flow in through ETF products in the short to medium term. This could push the price of ETH to an all-time high at the end of this year."
