ETH Ethereum ETFs Set to Launch. Short Term Price Target

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If you haven`t sold the top on ETH:

Then you need to know that the Chicago Board Options Exchange (CBOE) has announced that five spot Ethereum exchange-traded funds (ETFs) are slated to begin trading on July 23, pending regulatory approval.

However, the launch of these Ethereum ETFs could lead to a price decline similar to what was observed with Bitcoin.

After the launch of the spot Bitcoin ETFs in January 2024, Bitcoin experienced a notable drop in its price. Initially, Bitcoin was trading above $48,000 but then plummeted to as low as $38,700 on January 23, 2024.
This represents a nearly 20% decline from its high​​. The initial drop of 5% was observed shortly after the ETFs went live, attributed to profit-taking behavior and market dynamics​.

For Ethereum, a similar scenario could unfold. The influx of capital and the heightened attention could initially drive up prices. However, once the ETFs start trading, profit-taking behavior might set in, potentially causing Ethereum's price to fall by 5% to 20%.

Investors should be prepared for potential volatility surrounding the launch date.

My Price Target is $2800.

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Price Target Reached. The Crypto selloff could continue!