By Michael Scott
K33 Research analysts forecast the inflows into spot ETH ETFs will fuel the Ethereum price surge coincidentally when Bitcoin faces selling pressure from the Mt. Gox repayments to creditors.
The analysts predict that the spot ETH exchange-traded funds (ETFs) are the catalyst for Ethereum likely to triumph over Bitcoin in the subsequent weeks after their listing in the US.
K33 analyst David Zimmerman revealed in a Tuesday, July 2 publication anticipation for the ETFs unveiling by July 8. The report considers the ETH ETF listing the golden egg to trigger the Ethereum price rally.
Ethereum to Outperform Bitcoin
K33 analyst Vetle Lunde considers the timing as ripe for ETH to outperform Bitcoin, bound to face selling pressure as creditors receive $8.5 billion from the collapsed Japanese exchange Mt. Gox.
The K33 Research analysts acknowledge that ETH’s underperformance relative to Bitcoin has extended over a year. Bitcoin has cemented its pole position via market-leading gains facilitated by the hype to the spot BTC ETFs approval and resulting $14 billion inflows.
Lunde and Zimmerman anticipate that ETH could replicate the immediate tumble witnessed by Bitcoin following the ETF listing. Similar to Bitcoin, the inflows to the ETFs would bolster the ETH price rally.
K33 Analysts Bullish on ETH Price Rally
Lunde noted that ETFs are the solid catalyst for ETH’s upbeat market sentiment as the summer progresses. The analyst considers inflows to the ETFs to extend the price surge and thus views the present ETH/BTC prices as a bargain for patient traders.
Lunde reiterated the bullish ETH outlook by forecasting net inflows to hit 0.75% – 1% of the Ethereum circulating supply five months after the launch.
K33 Research analysts observed that the market trend stubbornly differs from their bullish position. They cite Ether futures trading as still discounted relative to the Bitcoin futures.
The K33 analysts noted that the ETH price to the Bitcoin trading is dismal at 1 ETH to 0.055 BTC. TradingView data shows the ETH value charting a steady tumble relative to the BTC for the past to test a yearly low on May 24 at 0.045.
The TradingView data shows that Ether’s price reversed quickly relative to Bitcoin on the news of a sudden move by the Securities and Exchange Commission (SEC) to approve Ether ETFs. As such, K33 analysts admit surprise at the accelerated approval of form 194-bs for eight applicants for the spot ETH ETFs, lifting the ETH/BTC to the present 0.055 per TradingView data.
Lunde and Zimmerman indicated that the Ether futures open interest appeared relentless. The trend was indicative that multiple traders were highly leveraged to bet on ETH’s price movement ahead of the ETF listing.
ETH Tumbles Continues
Meanwhile, Ethereum price remains subdued at 6%, down in the past two weeks, having declined by 2.5% in the last 24 hours to exchange hands at $3,361.71 per CoinGecko data.
Further, the daily trading volume increased by 4.10% to hit $10.273 billion in the past 24 hours. It signals a rise in the ETH market activity. Ethereum remains 32.22% below its peak price of $4,878, realized in November 2021, as per CoinGecko.
ETH tokens have a dominant trading presence on centralized crypto exchanges. The ETH/USDT trading pair is most active in Pionex, with a daily volume of $94.443 million in the past 24 hours, although Binance and Gate.io remain popular options.
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