John Bollinger, a famous crypto analyst, predicts Ethereum price as this token showed a 29% rise in price this week.
The crypto community is eagerly waiting for the decision on Ethereum ETF by the SEC. Meanwhile, John Bollinger‘s talk relevant to the price of Ethereum is gaining attention from the community. John is famous for creating Bollinger brands, It is a famous tool for the price analysis of tokens.
Bollinger stated in a recent tweet about his workout on the concerns about Ethereum ETFs. He stated that in recent days, this coin has clear indications for the approval of ETH ETFs by the SEC.
ETH Price Update: Trends and Insights from Bollinger
If the ETH ETFs get approval from the SEC, Bollinger plans to convert his GreyScale Ethereum trust into Ethereum ETFs. As the rumors spread, the holding discount on Ethereum dropped to 7%. On Friday, the holding discount was 20.5%, and 50% in the last year, according to Bloomberg research.
This pattern was witnessed at the time of Bitcoin ETF approval in the United States.
As people are expecting the ETH ETF approval by the SEC, Bollinger believes the market has already accounted for most of the news about the Ethereum ETF. As a result, the discount on Grayscale’s ETHE has mostly gone away.
While doing the price analysis, Bollinger stated that the price of Ethereum has already gone high. A new high is expected after the correction in the ETH price.
In a tweet he said that he had reduced his position, tagging ETH USD and ETH BTC.
At the time of writing, the second largest cryptocurrency is trading for $3808, which is 3.94% higher in the last 24 hours according to coinmarketcap.
Bollinger shared a mixed sentiment of investment and caution. He explained it by saying that the news of ETF approval can boost the price of a token. On the other hand, he said that the investors can sell Ethereum to gain profit, resulting in the declining price of Ethereum.
Disclaimer: The information shared is just for educational purposes and not financial advice. Please do your best research before investing.
