Ethereum

On one hand, seeing SEC finally approve an ETH ETF feels amazing and is a serious win.

On the other hand, it's comforting to know that the ETF hasn't changed ETHs price much. It means that the network doesn't care about ETFs, as it should.

crypto

🧐 How Low Can $ETH Go? 🧐

Let's delve into why #Ethereum might face a short-term dip:👇

- Grayscale ETHE Sell-Off: Grayscale, with a staggering $10 BILLION AUM and 3 million ETH, has been a significant player since 2017. Now, with the conversion of their trust into an ETF, we see a wave of profit-taking.
High management fees at 2.5% are pushing investors towards more cost-effective options like Blackrock’s ETHA ETF, which boasts a much lower fee of 0.25%.

- Mt. Gox BTC Distribution:The long-anticipated distribution of BTC from Mt. Gox has begun, adding pressure to the market and potentially impacting ETH as well.

- Political Climate:Kamala Harris's potential presidential run introduces uncertainty, especially given her lack of support for crypto.

💡 My Prediction:

#Ethereum sell-off might find support around the $2800 level. Once the Grayscale ETF sell-off subsides, other ETFs will likely bring an inflow of constant buying pressure, stabilizing and potentially boosting ETH prices.

Unholy Seer and Prophet of the Void | Mini-app Developer | https://paragraph.com/@euchologiaeinanis

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