Following Bitcoin's recent 15% drop subsequent to the initiation of spot Bitcoin ETF trading, market analysts are deliberating whether a similar fate awaits Ethereum with the advent of spot Ether exchange-traded funds (ETFs). However, traders express skepticism, indicating that Ethereum's trajectory might not mirror Bitcoin's.

Crypto trader Matthew Hyland, in a reflective post on X dated May 24, articulated his reservations, suggesting that Ethereum might not witness a significant sell-off akin to Bitcoin. Hyland highlighted the differing pre-ETF approval market behaviors between the two cryptocurrencies, noting that Bitcoin experienced no notable pullbacks leading up to its spot ETF approval on January 10. The subsequent sell-off, he asserted, commenced upon the listing of the Grayscale Bitcoin Trust (GBTC) the following day, leading to a substantial $17.6 billion decrease in assets, as reported by Farside data.

Contrarily, Ethereum had undergone a 15% decline over two months by May 20, until reports hinted at a potential shift in the SEC's stance toward ETF approvals, triggering a swift 29% surge in Ethereum's price within three days.

Despite Ethereum currently trading at $3,752 according to CoinMarketCap, concerns linger regarding Grayscale's intentions to convert its Grayscale Ethereum Trust (ETHE) into an ETF, potentially instigating selling pressure and affecting prices.

Hyland acknowledged the parallel between Bitcoin and Ethereum in both having Grayscale products, speculating that similar selling pressure might ensue once the Ether ETF is listed.

However, amidst this uncertainty, Hyland and other analysts predict upward momentum for Ethereum, citing its previous surge to "local highs" of $4,092 in March, even in the absence of positive spot Ether ETF news. ETF analyst Eric Balchunas' assessment, reducing the likelihood of spot Ether ETF approval to 25%, also did not deter this optimism.

Echoing Hyland's sentiments, Michaël van de Poppe, founder of MN trading consultancy, emphasized the anticipation surrounding the commencement of spot Ether ETF trading, suggesting that market movements post-listing will provide clarity on Ethereum's future trajectory.

In a related report on May 24, Cointelegraph highlighted commentary on Ethereum's price stability following the SEC's approval of spot Ether ETFs. Independent Ethereum educator Sassal contended that ETH remains undervalued, attributing the market's limited reaction to the ETF approval to its recent announcement.

As the crypto community awaits the unfolding of events post-listing, analysts advise caution against presuming immediate pullbacks in Ethereum's price, underscoring the nuanced dynamics that may differentiate its market behavior from that of Bitcoin.