Recently, Ethereum [ETH] has come into focus, especially when it comes to ETH exchange-traded funds [ETF] ready to launch. Although these launches created a lot of buzz, ETH has had difficulty increasing its price.
Over the past 30 days, this altcoin is down more than 12%. Most assets, including ETH, posted gains earlier today. ETH rose to a high of $3,418. But at the time of writing, it had fallen to a low of $3,355.39 after a daily decline of 1.84%.
The altcoin’s bullish momentum has been halted by the ongoing bearish sentiment. ETH had a spike earlier this year, surpassing the crucial $4,000 mark. This further makes the community believe that it could reach an all-time high of $4,891.70. Ethereum is currently 31% below its peak reached three years ago. Additionally, some people are so ambitious that they think $5,000 will be an easy target for this altcoin.
Ethereum is expected to have a good start next month. This altcoin is expected to trade slightly higher from current levels. Changelly revealed that on July 1, ETH is expected to cost around $3,476.44, a 2.53% increase from current levels.
Can Ethereum ETF Boost ETH Price?
Ethereum is expected to have a similar fate to Bitcoin [BTC] following the launch of a spot ETF. But Bernstein analysts believe otherwise. Gautam Chhugani and Mahika Sapra from Bernstein said:
“[Ethereum] won’t see many conversions [ethereum] spot due to lack of ETH staking feature in the ETF. [Ethereum] as a major token platform is building a strong use case, for both stablecoin payments, as well as tokenization of traditional assets and funds.”
See more: Coinbase sues SEC and FDIC
