Lately, Ethereum [ETH] has been making headlines, especially now that ETH exchange-traded funds [ETF] are getting ready to launch. Even though these launches generated a lot of buzz, ETH had trouble rising in terms of price. Over the past 30 days, the altcoin has dropped by more than 12%. Most assets, including ETH, were seeing gains earlier today. ETH surged to a high of $3,418. But at press time, it dipped to a low of $3,355.39 following a 1.84% daily drop.
The altcoin’s bullish rally was halted by the ongoing bearish sentiment. ETH had a spike earlier this year that was beyond the critical $4,000 mark. This further led to the community believing that it may reach its all-time high of $4,891.70. Ethereum is currently 31% below this peak that was achieved three years ago. In addition, a few were so ambitious as to think that $5,000 would be an easy target for the altcoin.
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Ethereum is expected to have a decent start to the coming month. The altcoin is expected to trade a little over its current level. Changelly reveals that on July 1, ETH is slated to be priced at around $3,476.44, which is a 2.53% rise from its current level.
Can Ethereum ETFs Drive ETH’s Price?
Ethereum is expected to see a similar fate as Bitcoin [BTC] following the launch of spot ETFs. But Bernstein analysts believe otherwise. Gautam Chhugani and Mahika Sapra from Bernstein said,
“[Ethereum] should not see as much spot [ethereum] conversion due to the lack of an ETH staking feature in the ETF. [Ethereum] as a primary tokenization platform is building up a strong use-case, both for stablecoin payments, as well as tokenization of traditional assets and funds.”
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