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- Analyst predict that ETH’s chart looks almost identical to Bitcoin before it surged 200% last year.
- Staked ETH has also been on the rise and is currently at 33. 3 million ETH, which is 27. 7% of the total supply of ETH.
In a recent tweet, Bloomberg ETF analyst Eric Balchunas predicted that July 18 could mark the launch of the much-anticipated spot Ethereum ETF. This forecast comes after the Securities and Exchange Commission (SEC) made changes to the S-1 amendments, which demanded that companies update their registration statements and applications.
Analyst Draws Parallel Between Ethereum and Bitcoin Price Trajectories
Spot Ethereum ETFs are about to be launched, and opinions on ETH’s price are different. Some of the analyses are pessimistic, while others predict strong growth. Among the numerous forecasts, one stands out, suggesting that ETH could replicate Bitcoin’s performance.
Follis, a well-known pseudonymous analyst, recently tweeted on X that, similar to how Bitcoin ETF soared between the years 2023 and 2024, Ethereum ETF could also do the same for ETH. In that time frame, Bitcoin went from $26,000 to an all-time high of $73,750. According to Follis, ETH’s chart looks almost identical to Bitcoin before it surged 200% last year. At the moment, the price of ETH is $3,108, and according to Follis’s forecast, it might rise to $9,324 within a year.
Everyone focussed on Germany and Mt Gox
Meanwhile the Ethereum ETF is about to launch and the $ETH chart looks identical to $BTC before it pumped +200% last year
Study ETF rallies pic.twitter.com/VWENNnO8dN
— フ ォ リ ス (@follis_) July 9, 2024
For this to happen, there must be a rise in demand to a much higher level. Recent on-chain data suggests this is a real possibility. Additionally, Spot On Chain recently stated that a whale had pulled out 50. 30 million ETH, which was the first significant accumulation since the rumors of the Ethereum ETF. This accumulation is different from the other whale that sold $12 million worth of ETH recently.
Glassnode data shows that Ethereum whales are now buying after previously selling their coins. The addresses that held ETH with a value of $1 million or more rose from 14,217 to 14,823 by July 7. This increase is attributed to the high demand for ETH and positive sentiments concerning the approval of Ethereum ETF.
Staked Ethereum Reaches New Heights
Staked ETH has also been on the rise and is currently at 33. 3 million ETH, which is 27. 7% of the total supply of ETH. This has been boosted by expectations that the US regulator may soon approve the much-awaited spot Ethereum ETF, which is expected in the next two weeks.
Since the approval of the Ethereum ETF is expected in the near future, investors are trying to prepare for the price increase. Staking activity has gone up, reaching new highs in the amount of ETH that has been staked, thus supporting the circulating supply. Julio Moreno, head of research at CryptoQuant, highlighted this trend, noting the significant rise in staked ETH.
According to CryptoQuant, ETH’s spot trading volume has been between 80% and 90% of BTC’s volume in the past few weeks, showing that Ethereum is catching up to Bitcoin in liquidity. This is an indication of Ethereum’s growing market dominance and the continued appeal of the platform to investors.
