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Ethereum: Large investors and ETFs as price drivers
The important factors for ETH price in Q2 2024: Ethereum whales and ETF approvals. Find out how these could affect the crypto market.
Ethereum: Large investors and ETFs as price drivers
The current ETH price still shows a loss of 1.75% despite a slight price increase in the last few hours. In the coming weeks and months, two decisive factors will determine the price development of Ethereum. On the one hand, the so-called Ethereum whales play an important role. Large investors hold a significant stake in ETH tokens, and their confidence in the cryptocurrency could lead to long-term investments, which in turn attract interest from retail investors.
Crypto analysts have observed that Ethereum whales continue to invest in the cryptocurrency despite existing losses. For example, a well-known crypto investor recently shifted significant funds into ETH tokens, suggesting that confidence in Ethereum remains strong. These developments could lead to crypto world insiders increasingly relying on Ethereum and thus driving positive price developments.
Another essential factor that could influence the Ethereum price in the second quarter of 2024 is the speculation surrounding the launch of Ethereum spot ETFs for the US stock market. BlackRock and Fidelity are among the financial giants waiting for the green light for such ETFs. However, the US Securities and Exchange Commission's (SEC) decision is still pending, and opinions in the financial world are divided over the chances of approval. Despite the positive sentiment towards the launch of Bitcoin ETFs, there is uncertainty as to whether Ethereum ETFs will receive SEC approval.
In addition to these two factors, the increased use of Ethereum for sustainable projects in the second quarter of 2024 could also influence the ETH price. Companies like eTukTuk rely on the energy-efficient Ethereum blockchain to realize innovative environmental projects. eTukTuk's native $TUK token offers a stable alternative in countries with currency fluctuations and promises long-term engagement opportunities with international governments as well as corporate collaborations.