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The price of Ethereum recently surpassed $3,300 as investors anticipate some predictions regarding the imminent approval of exchange-traded funds (ETF) based on ETH, expected this week.

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As anticipated, Ethereum has marked a new peak of $3,331 this week, driven by the growing expectations regarding ETH ETFs.

Nate Geraci, ETF expert, stated that there is no reason for further delays in the approval of spot ETFs on Ethereum, expected by the end of the week.

According to Geraci, several companies, including VanEck and 21Shares, have updated their filings in the hope of obtaining final approval from the SEC to launch ETFs on Ether.

These funds are seen as a crucial catalyst for the price of ETH in the coming months. In particular with forecasts of a significant influx of capital, potentially up to 10 billion dollars.

Tom Dunleavy, managing partner of MV Global, has predicted that this new form of investment could lead Ether to reach new all-time highs by the end of the year.

Contrary to common perception, Dunleavy believes that ETFs on Ethereum may represent a more attractive opportunity for traditional investors compared to those on Bitcoin. This is due to the clarity of the narrative and the robustness of Ethereums technology.

Ethereum has cash flows. It can be described as a tech stock, the app store of cryptocurrencies, or an Internet bond. This is a much easier sell for financial advisors compared to digital gold.

According to the data from TradingView, Ethereum has grown by 16% compared to the previous week, rising from $2,909 to $3,331.

This increase reflects not only the confidence of investors in the potential of ETH ETFs, but also a renewed focus on criptovalute in a broader market context.

The future of Ethereum now seems tied to the decision on the listing of ETFs, with analysts estimating a significant impact on prices and a potential to rebalance the gap accumulated compared to Bitcoin in the last 18 months.

The recent announcement by the German government to liquidate 5,000 Bitcoin, equal to 90% of its reserves, has triggered a significant drop in the price of Bitcoin, falling below $57,000.

This happens despite Bitcoins attempt to reclaim the $60,000 threshold, demonstrating the difficulties in maintaining this level. In contrast, Ethereum has maintained a remarkable stability, highlighting its resilience in the face of market turbulence.

This difference in performance between Bitcoin and Ethereum has captured the attention of analysts and investors. Specifically, considering it a crucial testing ground for Ethereums ability to withstand market fluctuations.

If Ethereum continues to remain stable, it could indicate a reduced dependence on Bitcoins price fluctuations, representing an important step forward for the bull sector of cryptocurrencies.

In the context of this Bitcoin sell-off, the cryptocurrency community is awaiting the approval of an ETF on Ethereum.

While some analysts remain optimistic about the trajectory of Ethereums price, technical analyses offer a mixed picture.

Various cryptocurrency experts predict that Ethereum could reach $5,000 soon, identifying key support and resistance levels crucial for its future price movements.

The experts have identified a significant support zone for Ethereum between $2,800 and $3,300, considered essential to maintain a bull perspective.

If Ethereum continues to be traded in this range, it could be on the right track to reach $5,000.

Despite the positive forecasts, the market shows mixed signals. According to CoinCodex, the price of Ether should increase by 3.68% by August 13, 2024.

However, the fear and greed index reflects a negative sentiment, with Ethereum having recorded only 50% of green days in the last month.

Excerpt from:

The increase in the price of Ethereum and some predictions for ETFs: what does it mean for the market? - The Cryptonomist