The SEC finally took notice last January. Bitcoin Approved ETFs. BTC All eyes on ETF approval Ethereum A popular research platform for ETFs Layergg shared its ETH expectations.
At this point, Layergg, which divided its journey towards Ethereum spot ETF approval into 3, stated that the first period started with the Dencun upgrade.
“Term 1: Ethereum Dencun Upgrade”
Referring to the Shanghai upgrade here, the platform argued that ETH could rise similarly.
“Phase 1 :(February~March): Ethereum Dencun upgrade will take place on March 13.
Looking at last year’s Shanghai Upgrade, ETH was up 50% from about a month before until the upgrade day.
“In the Dencun upgrade, ETH may behave similarly and the rise may come.”
“Season 2: Bitcoin Halving”
Expected to take place on April 17 BTC Stating that the halving will indirectly support the ETH price increase, Layergg said:
“Bitcoin halving is scheduled for April 17.
Historically, Bitcoin has increased by an average of 70% in the approximately 50 days leading up to the halving day.
Bitcoin halving will also indirectly help continue the rise of ETH.”
“Semester 3: ETH ETF Decision”
“The earliest decision for the 7 Ethereum spot ETF application will be made on May 23.
In the 3 months before the launch of the Spot BTC ETF, BTC saw an 80% increase.
“While the scenario will not play out the same as Bitcoin at this point, the possible ETH ETF approval will alleviate the decline following the post-EIP-4844 “Sell the News” event.”
“Rises Are Unrealistic Without Correction!”
Finally, underlining that the continuous rise of Ethereum would not be realistic without corrections, Layergg said that the price that led to sharp corrections in Bitcoin “Fake Cointelegraph ETF News, – Matrixport Possible ETF Rejection Scenario and SEC Hacking” showed an example.
Layergg stated that at this point, there may be the same FUDs in Etheruem. Celsius’ ETH sale on Ethereum, SEC’s Ethereum regulation, SEC-Coinbase lawsuit, and Grayscale ETH He expects FUDs like this to happen.
5/similar, as the $ETH ETF deadline nears, expect FUDs:
– Celsius $ETH sell-off
– SEC “Security token”
– Coinbase·SEC Lawsuit
– Grayscale’s $ETHEThese FUDs will also likely provide 2-4 juicy dips to buy. Why Juciy? Because On-chain signals often lead market sentiment👇
— Layergg (@layerggofficial) February 14, 2024
The platform, along with these FUDs ETH He stated that the price may decrease and provide investors with a buying opportunity.
Layergg also stated that more Bitcoin ETF inflows could increase the uptrend of ETH, while the falling ETH supply on exchanges and the increasing interest of Wall Street giants in ETH Staking could increase the uptrend in ETH.
“Ethereum has overcome the hurdles of past market declines (FTX, Celsius, GBTC) and is now entering a new phase driven by ETF demand.
“I think we may witness a strategic rotation of capital from BTC to ETH in the coming weeks as the ETF decision approaches.”
Ethereum continues to trade at $2,750 at the time of writing.
*This is not investment advice.
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