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As July approaches, developments continue regarding Ethereum ETF funds, which received partial approval from the US SEC on May 23. Many investors are curious if Ethereum’s price will follow Bitcoin’s reaction to similar financial instruments in January. However, this process may start within a few days, and some 
data analyses provide significant clues about whether Ethereum is following a potential pattern.
What’s Happening on the Ethereum Front?
Changes in registration documents are one of the factors delaying the launch of spot Ethereum ETF funds. However, in a recent interview, SEC Chairman Gary Gensler confirmed that things are going smoothly. Additionally, a report from anonymous sources within the regulatory body reveals that the products will be launched on July 4.
The LTH-NUPL data provided by the data analysis platform Glassnode is noteworthy. This data considers the behavior of holders who have owned the cryptocurrency for more than 155 days and shows different conditions in various colors as seen in the graph below.
Red indicates surrender, orange indicates fear. Yellow represents optimism, and blue represents greed. Currently, Ethereum’s LTH-NUPL data is in the green zone, suggesting that long-term investors are confident in the upcoming price increase.
However, Ethereum has experienced a 12.75% decline in the last 30 days and is trading at $3,365 at the time of writing. In such cases, the general sentiment is expected to be bearish. Therefore, as sentiment shifts towards confidence, it seems to be due to the much-anticipated development. If maintained until the launch day, it could increase demand for Ethereum.
ETH/BTC Ratio and Developments
Meanwhile, sentiment alone cannot drive the price up, so it is worth evaluating the ETH/BTC ratio, another indicator that could affect the altcoin price. This ratio shows whether Bitcoin is outperforming Ethereum or vice versa. Specifically, a high ETH/BTC ratio means Ethereum is outperforming Bitcoin.
However, a low ratio means Bitcoin is outperforming Ethereum. As of the time of writing, the ratio was 0.055, with a 2.33% increase over the last seven days. This means that today, one Ethereum can buy 0.055 Bitcoin. If Ethereum reflects a similar movement, the cryptocurrency’s value could reach $5,308 by the end of the third quarter.
