Ethereum
AI sets ETH price for July 1, 2024
Lately, Ethereum [ETH] has been making headlines, especially now that ETH exchange-traded funds [ETF] are preparing to launch. While these launches have generated a lot of buzz, ETH has struggled to gain momentum in terms of price. Over the past 30 days, the altcoin has fallen by more than 12%. Most assets, including ETH, saw gains earlier today. ETH hit a high of $3,418. But at press time, it has fallen to a low of $3,355.39 after a daily decline of 1.84%.
The altcoin’s bullish rally was halted by the persistent bearish sentiment. ETH saw a spike earlier this year that surpassed the critical $4,000 mark. This further led the community to believe that it could reach its all-time high of $4,891.70. Ethereum is currently 31% below this high reached three years ago. Additionally, a few were so ambitious that they thought $5,000 would be an easy target for the altcoin.
Also read: VanEck to offer fee-free Ethereum ETF until 2025
Ethereum should have a decent start to the month. The altcoin is expected to trade a little above its current level. Changelly reveals that on July 1, ETH is expected to cost around $3,476.44, an increase of 2.53% from its current level.
Can Ethereum ETFs drive up the price of ETH?
Ethereum should experience a similar fate to that of Bitcoin [BTC] following the launch of spot ETFs. But Bernstein analysts think otherwise. Bernstein’s Gautam Chhugani and Mahika Sapra said,
“[Ethereum] I shouldn’t see so much space [ethereum] conversion due to lack of ETH staking functionality in the ETF. [Ethereum] as the leading tokenization platform, it provides a strong use case, both for stablecoin payments and for tokenizing traditional assets and funds.
Also Read: SEC Chairman Gensler Says Ethereum ETF Approval Is Going Smoothly