The price of Ethereum (ETH) is recovering to start the trading week and has risen above $3,000 U.S. per token ahead of the upcoming launch of new spot exchange-traded funds (ETFs).
Ethereum had previously declined nearly 20% over the past four weeks. However, the second largest cryptocurrency has risen 4% in the last 24 hours to trade at $3,056 U.S. per token.
Traders say Ethereum’s price has now moved above a critical support level of $2,800 U.S.
Some analysts are saying that the cryptocurrency looks to be bouncing off a bottom reached ahead of the expected debut of spot Ethereum ETFs in the U.S. later in July.
The U.S. Securities and Exchange Commission (SEC) effectively approved spot Ethereum ETFs at the end of May this year, paving the way for them to begin trading in coming weeks.
The new crop of Ethereum ETFs is expected to attract billions of dollars in investor capital and further boost the price of the digital asset.
Earlier this year, spot Bitcoin (BTC) ETFs saw net inflows of more than $5 billion U.S. during their first few months of trading, according to market data.
Companies that have applied to launch spot Ethereum ETFs include BlackRock (BLK), Invesco (IVZ), VanEck and Ark Invest, among others.
