While the selling pressure on Bitcoin (BTC) affected the entire cryptocurrency market, Ethereum, which is counting the days for the final approval of the spot ETF, also suffered significant losses.
However, according to data, Ethereum price is showing signs of recovery.
Experts evaluating ETH's price movements said that the discounts on Grayscale Ethereum Trust and Coinbase Premium indicators have disappeared.
Evaluating this change in Grayscale Coinbase indicators as a positive sign for ETH investors, experts stated that it shows that the selling pressure has decreased and investor confidence has increased.
At this point, Tagus Capital analysts speaking to Coindesk said, “This recovery in ETH indicates that the price has bottomed out before the upcoming launch of spot Ethereum ETFs in the USA.” said.
CryptoQuant's ETH premium index, which measures the gap between Coinbase's ETH/USD pair and Binance's ETH/USDT pair, has returned to neutral from the deep discount of -0.19 seen in late June.
Analysts added that this change in Coinbase premium is a reflection of reduced selling pressure.
Similarly, Grayscale Ethereum Trust (ETHE)'s discount to net asset value has also disappeared for the first time in two years, analysts said.
“Coinbase and Graysacle discounts have been narrowing since the December 2022 crypto bear market bottom, and particularly since the SEC approved forms 19b-4 for spot Ethereum ETFs from various issuers on May 23, 2024.
“At this point, the disappearance of Coinbase and Grayscale discounts on Ethereum indicates that sellers are exhausted and there is a potential price bottom.”
Analysts recently stated that they predict that upcoming spot ETH ETFs in the USA could attract billions of dollars of investment.
*This is not investment advice.
