Ethereum Could Retrace to $3,200 Following Spot ETF Launch

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Following the approval by the Security and Exchange Commission, all Ethereum ETF filers have released the dates they plan to go public. Most filers are looking to start on July 23.

Many traders are looking forward to the launch but are surprised at how silent the market is getting amidst the impending event. To this effect, the largest altcoin has struggled to gain stability above $3,500 as the bulls appear exhausted.

Nonetheless, the latest inability to surge after flipping $3,500 has ranged on over the last five days as the coin keeps losing momentum.

While the impending event will spark a lot of upside for the asset it will also result in notable price declines.

The Two-Edged Sword

Many speculation points to the cryptocurrency hitting $4k following the ETF launch. It remains to be seen if this will play out. However, the question is, what will happen after the hype surrounding the event dies off?

Using Bitcoin as a case study, it is clear to see that a massive decline is soon to follow. Following the launch of the BTC ETF, several filers saw a decline in investment. The huge outflow of funds from these firms also accounted for the ensuing selloffs. The same may play in ETH’s case.

The post Ethereum Could Retrace to $3,200 Following Spot ETF Launch first appeared on Cointab.