Key Points
- Ethereum’s native token, Ether (ETH), has reclaimed the $3,000 price level.
- The upcoming decision on spot ETH exchange-traded funds (ETFs) by the SEC could significantly impact the market.
ETH, the native token of Ethereum, the leading blockchain by total value locked (TVL), has regained the $3,000 price level after briefly losing it. This price level is a crucial area, and it’s essential for the digital asset to maintain its price action here before making another bullish move.
At the time of writing, the price of ETH stands at $3,060, an increase of 1.74% in the past 24 hours. The digital asset’s market capitalization is $367 billion, and trading volume has risen by 55.42% to $16.54 billion. ETH has recovered from a low of $2,830 as buyers took control.
Market Movements
ETH’s daily high is $3,073, and the digital asset is waiting for a breakout above the $3,100 price region. The fall of Bitcoin (BTC), the world’s largest digital asset, below the $60,000 price level led to ETH falling 11.94% in the past week and 17.13% in the last month. However, the cryptocurrency has risen 64.02% since July 2023.
According to data from CoinGlass, $28.86 million Ether shorts and $29.61 million ETH longs were liquidated in the past 24 hours. In the past hour, $5.47 million in ETH shorts and $586,550 in ETH longs were liquidated as the unexpected uptrend in ETH’s price pushed the shorts out of the market.
It’s worth noting that nearly $250 million in longs would be liquidated if ETH fell below the $2,999 price level, as per Coinglass. Also, if ETH drops to $2,705, an estimated $1 billion in longs will be liquidated. Conversely, if ETH manages to reclaim the $3,200 price region, around $200 million in shorts will be wiped off.
The significant amount in the longs and the comparatively small amount invested in the shorts of ETH suggest that investors are bullish on the digital asset in the long term. Additionally, the amount of ETH available on exchanges has decreased to 10.189% while BTC has increased to 15.086%. The widening gap suggests increased interest in Ethereum.
Upcoming Spot Ether ETF Approval
The United States Securities and Exchange Commission (SEC) is expected to make a decision on spot ETH exchange-traded funds (ETFs) soon. The regulator approved 19b-4 applications by asset management firms like VanEck, BlackRock, and Fidelity earlier this year. However, the approval of S-1 filings is still pending, which means that the products cannot be traded yet.
According to Nate Geraci, the President of The ETF Store, the approval is “supposedly” due July 8th. Analysts have pointed out that there could be significant movement in the market after the approval. Geraci also added that he’s looking forward to the fees, and if the ETF issuers do not launch on Monday, the products will debut in the “next week or two”.
Experts recently discussed a possible deadline for Ether ETF approval and concluded that crypto enthusiasts will see the SEC’s decision by mid-July. Crypto exchange Gemini has predicted that over $5 billion will flow into the ETH ETFs during the first six months.
