Ethereum
Where will ETH trade in August?
After several delays and hurdles, Ethereum spot ETFs have finally been approved. The move has been hailed as a significant wave of change in the cryptocurrency space, where mainstream users can now access a wide range of cryptocurrencies without any further hassle. At the same time, the aforementioned move ushers in new users into the industry, which can help propel ETH’s prospects to new heights. Now that ETH spot ETFs are approved, here’s how Ethereum could fare in August.
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Coinbase CEO Reacts to ETH ETF Approval
Coinbase CEO Brian Armstrong took to X to share his thoughts on the latest Ethereum ETF approvals. Armstrong reiterated his stance on ETH, saying that the crypto is definitely not a security. At the same time, he said that his platform is excited to be the custodian of eight of the nine approved ETFs.
Another big step forward for regulatory clarity: ETH is not a security! We’ve been saying this for years, and today the SEC finally made it official. Coinbase is proud to be the trusted partner and custodian for eight of the nine newly approved ETH ETFs.
Coinbase’s official page was also quick to outline the potential use cases and benefits of exploring ETH ETFs. The article highlighted how such developments help strengthen the collective cryptocurrency space.
“For investors, ETH spot ETFs provide access to a differentiated crypto asset with unique yield characteristics. The Ethereum ecosystem is both robust, with over 15 million monthly active addresses, and growing rapidly, with a 300% growth in deployed smart contracts in 2023. By increasing the use of Ethereum, ETH spot ETF investors will help advance the utility of Ethereum and the development of the overall crypto ecosystem.”
Another big step forward for regulatory clarity: ETH is not a security! We’ve been saying it for years and today the SEC finally made it official.
Coinbase is proud to be the trusted partner and custodian of 8 of the 9 newly approved ETH ETFs. https://t.co/DIubnDyLqp
— Brian Armstrong (@brian_armstrong) July 23, 2024
Ethereum Price Prediction (August)
According to CoinCodexEthereum is currently trading at a price threshold of $3,433, down 2% in the last 24 hours. With the approval of the Ethereum spot ETF, a new influx of funds is expected to be injected into the realm, which could significantly boost the price of ETH.
According to CC, Ethereum could surge and reach $3,598.19. However, with the arrival of new funds, the price of ETH could easily surpass the predicted price thresholds.
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“According to our current Ethereum price prediction, the Ethereum price is expected to increase by 3.37% and reach $3,598.19 by August 22, 2024. According to our technical indicators, the current sentiment is neutral, while the fear and greed index is reading 71 (greed). Ethereum has recorded 18/30 (60%) green days with a price volatility of 5.43% over the last 30 days.”