Hong Kong has recently launched three Ethereum ETFs for its citizens to explore and interact with. The step marks an important chapter for the crypto vertical to note, outlining the rising web3 narratives sweeping the world gradually.
The launch of Ethereum ETFs has been dubbed significant for the price of Ethereum, as the event can trigger ETH to encounter a much-needed price spike for it to ascend to a new price threshold.
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Ethereum Price Prediction Post-ETF Launch: How Will It Perform?
The launch of the Ethereum ETF in Hong Kong is being considered positive for Ethereum. The inflow of funds injected into the domain through ETF trading is poised to help Ethereum stabilize and recover some of its lost valuations.
Per CoinCodex, May can be a significant month for ETH as the token may slowly pick up its pace to join the bullish league of the season.
CC predicts Ethereum to trade at $3,261, denoting a change of 2% in its value.
“The Ethereum price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these Ethereum projections, ETH will change hands at $3,268.39 on May 6, 2024, gaining 2.41% in the process.”
Similarly, the platform predicts Ethereum to trade, hold steady ground, and continue trading at $3,200 by May 29.
“The price of Ethereum may rise by 2.60% and reach $3,274.49 by May 29, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 67 (greed). Ethereum recorded 18/30 (60%) green days with 5.57% price volatility over the last 30 days.”
ETH Price Triggers
The heavy speculation surrounding the Ethereum ETF launch in May is also hovering around, binding ETH to trade at lower levels. The US is also awaiting approvals for the Ethereum ETF launch, which is due to be announced in May. Post-announcement, investors can note a positive price action, with Ethereum possibly breaching new price thresholds.
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The launch of Ethereum ETFs will also help ETH gain some of its lost price volume. Ethereum ETFs may supply considerable market sentiment towards ETH, helping the token regain its strength.
“Ethereum may trade within a range of $3,191.41 and $6,633.12. If it reaches the upper price target, ETH could increase by 108.69% and reach $6,633.12.”