Cryptocurrency analysts and researchers are optimistic about the future price of Ethereum's ETH despite a recent decrease in value. They believe that the potential rejection of a spot Ethereum exchange-traded fund (ETF) in the US may not lead to a decrease in price.

Jupiter Zheng, the Research Director at Hashkey Capital, mentions that the rejection of the spot Ethereum ETF may not have a negative impact as the market has not factored in an ETF approval yet. Traditional funds can still enter the market through spot Bitcoin ETFs. Additionally, if a spot Ethereum ETF is approved, it could trigger a significant short position liquidation, potentially driving the price up.

Data from CoinGlass shows that the recent decline in ETH's price has resulted in substantial liquidations in both long and short positions. Zheng notes that even a drop in price to $3,250 would only trigger around $70.96 million in liquidations, which would not significantly affect the current open interest in Ethereum futures.

Recent developments including the SEC's investigation into the Ethereum Foundation have lowered expectations for the approval of a spot Ethereum ETF in the near future. These obstacles, along with subpoenas sent to companies working with the Ethereum Foundation, have created doubts about the approval of the ETF.

Possible Impact of Post-Bitcoin Halving on Ethereum's Price

Some analysts have identified similarities between ETH's price chart patterns and the behavior before the previous Bitcoin halving event. This could signal a potential price increase for ETH leading up to the anticipated 4th Bitcoin halving event on April 20th.

According to cryptocurrency analyst Jelle, the last Bitcoin halving in May 2020 marked the beginning of a significant price increase for ETH, with a 106% rise over three months. Jelle also mentions an ascending triangle formation on ETH's price chart since June 2023, suggesting the possibility of a future price increase.