Will Ether Follow Bitcoin's ETF Sell-Off?
Traders are unsure how the launch of spot Ether ETFs will impact the price.
Some, like Matthew Hyland, believe a price decline is less likely for Ether compared to Bitcoin. They point out that unlike Bitcoin, Ether's price already dropped 15% in the two months leading up to the ETF news. Bitcoin, on the other hand, saw price increases before its spot ETF launch, followed by a sell-off after the Grayscale ETF listed. Hyland worries Grayscale converting its Ethereum Trust (ETHE) to an ETF could create similar selling pressure for Ether.
However, Hyland also sees potential for upward movement. He highlights that Ether reached local highs earlier this year without ETF approval, suggesting strong fundamentals. Michaël van de Poppe of MN trading consultancy agrees, stating the price's future trajectory depends on inflows after the ETF launch.
Ethereum educator Sassal believes Ether is undervalued and the market needs more time to react to the ETF news.
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