Ethereum price started a major decline from the $3,500 resistance zone. ETH is down over 8% and might continue to decline toward the $3,120 support. Ethereum is gaining bearish pace from the $3,500 resistance zone. The price is trading below $3,400 and the 100-hourly Simple Moving Average. There was a break below a key declining channel with support at $3,380 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down toward the $3,120 support zone. Ethereum Price Dives Below $3,350 Ethereum price failed to start a fresh increase above the $3,500 resistance zone. ETH started a fresh decline and traded below the $3,400 support zone. It declined by over 8% more than Bitcoin. There was a break below a key declining channel with support at $3,380 on the hourly chart of ETH/USD. The pair even declined below the $3,200 level and tested $3,180. A low is formed near $3,183 and the price is showing signs of more losses. Ethereum is now trading below $3,400 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price could face resistance near the 23.6% Fib retracement level of the downward move from the $3,500 swing high to the $3,183 low at $3,250. The first major resistance is near the $3,300 level. The next major hurdle is near the $3,350 level and the 50% Fib retracement level of the downward move from the $3,500 swing high to the $3,183 low. A close above the $3,350 level might send Ether toward the $3,380 resistance. The next key resistance is near $3,425. An upside break above the $3,425 resistance might send the price higher toward the $3,500 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,250 resistance, it could continue to move down. Initial support on the downside is near $3,180. The first major support sits near the $3,120 zone. A clear move below the $3,150 support might push the price toward $3,080. Any more losses might send the price toward the $3,020 support level in the near term. The next key support sits at $2,950. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,150 Major Resistance Level – $3,250
Spot Ethereum ETFs recorded a robust trading debut in the US on July 24 after months of speculation and regulatory uncertainty. The ETFs recorded an impressive volume of $1.11 billion on the first trading day, led by BlackRock’s $266.5 million inflows. Within the first 90 minutes of trading, ETH ETFs recorded $361 in trading volume, […]
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The much-anticipated launch of several Ethereum-based spot exchange-traded funds (ETFs) failed to ignite a significant Ethereum (ETH) price rally. Despite considerable trading volumes and large inflows for the “newborn” ETFs on their first day, the Grayscale outflows have been too massive (once again) to propel the Ether price upwards. Ethereum ETFs Start Strong, But Grayscale … Eric Balchunas, a senior ETF analyst at Bloomberg, shared via X (formerly Twitter), “DAY ONE in the books for Eth ETFs who did $1b in total volume, which is 23% of what the spot bitcoin ETFs did on their first day and ETHA did 25% of IBIT’s volume.” He also noted that “The gap between ETHE and The Newborn Eight is a healthy +$625m.” However, despite these healthy volumes, the price of Ethereum only increased marginally by 1% yesterday. At press time, ETH stood at $3,437, down 0.4% over the past 24 hours. In contrast, Bitcoin (BTC) price declined by 1.6%, and other altcoins also faced downward pressure, dropping between 4% and 10%. Related Reading: Ethereum Price Stays Flat Despite Today’s ETF Debut: QCP Explains Why James Seyffart, another Bloomberg ETF expert, commented the first day of inflows, “First full day of flows for the ETHness stakes are in. The Ethereum ETFs took in $107 million. BlackRock’s ETHA led the way with $266.5 million followed by Bitwise’s ETHW with $204 million. Very solid first day.” Despite these positive inflows, the day was not without its challenges. The Grayscale Ethereum Trust (ETHE), which transitioned from a traditional trust to a spot ETF, saw substantial outflows amounting to $484.9 million, representing about 5% of the fund’s value. Eric Balchunas commented on this movement, “Damn. That’s a lot. Like 5% of the fund. Not sure The Eight newbies can offset w inflows at this magnitude. On flip side maybe its for best to just get it over with fast, like ripping a band aid off.” The introduction of these ETFs is part of a broader trend following the launch of similar Bitcoin ETFs in January, which also experienced a mix of inflows and significant outflows from the Grayscale Bitcoin Trust (GBTC). The Ethereum Mini Trust, another Grayscale product, however, reported $15.2 million in new inflows. Related Reading: Ethereum Retraces: Here’s Why ETH Bulls Must Decisively Break Above $3,500 Other notable Ethereum ETFs like Franklin Templeton’s (EZET) and 21Shares’ Core Ethereum ETF (CETH) saw inflows of $13.2 million and $7.4 million, respectively, indicating varying levels of investor interest across different funds. Overall, the first day of trading for these Ethereum ETFs brought in significant volumes and a complex flow of funds but did not translate into a significant price rally for Ethereum. As with Bitcoin, the Grayscale outflows for Ethereum seem to need to be cleared out of the way before the ETFs could have a significant impact on the price. At press time, ETH traded at $3,442. Featured image created with DALL·E, chart from TradingView.com
The crypto industry seems excited and expectant following the US Securities and Exchange Commission (SEC)’s final approval of spot Ethereum Exchange-Traded Funds (ETFs). As investors await the official launch of the investment product, many have discussed the implications of today’s debut. Related Reading: Profit from the Dip: Hong Kong To Debut Asia’s First Inverse Bitcoin […]
Ethereum price failed to continue higher above the $3,500 resistance zone. ETH corrected gains and is now trading in a range above the $3,400 level. Ethereum is consolidating below the $3,500 resistance zone. The price is trading below $3,480 and the 100-hourly Simple Moving Average. There is a key declining channel forming with resistance at $3,470 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if there is a clear move above the $3,500 resistance zone. Ethereum Price Stuck In A Range Below $3,550 Ethereum price failed to extend gains above the $3,550 resistance zone. ETH corrected gains and traded below the $3,500 level like Bitcoin. The bears were able to push the price below the $3,450 level. A low is formed near $3,390 and the price is rising. There was a move above the $3,420 level. The price climbed above the 50% Fib retracement level of the downward move from the $3,540 swing high to the $3,390 low. However, the bears are active near the $3,500 level. They failed to clear the 61.8% Fib retracement level of the downward move from the $3,540 swing high to the $3,390 low. There is also a key declining channel forming with resistance at $3,470 on the hourly chart of ETH/USD. Ethereum is now trading below $3,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level. A close above the $3,520 level might send Ether toward the $3,550 resistance. The next key resistance is near $3,650. An upside break above the $3,650 resistance might send the price higher toward the $3,800 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near $3,420. The first major support sits near the $3,400 zone. A clear move below the $3,400 support might push the price toward $3,340. Any more losses might send the price toward the $3,320 support level in the near term. The next key support sits at $3,250. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,400 Major Resistance Level – $3,500
Ether’s price has a muted response to today’s spot ETH ETF launch, but traders still expect Ether to hit new highs soon.
The market has been gearing up for volatility before the launch of spot ETH ETFs in the US today. While ETH’s price action has been relatively uninteresting in the past few weeks, it seems that large holders are expecting price swings and are rushing to cash out. Glassnode’s data on realized profit for Ethereum holders […]
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Ethereum prices recoiled yesterday but are stable when writing. Today, July 23, nine spot Ethereum ETFs began trading on various regulated bourses, mainly the Cboe, Nasdaq, and the NYSE. This listing comes barely two months after the United States Securities and Exchange Commission (SEC) reversed its decision and accelerated the approval process of 19b-4 forms […]
A Grayscale executive said the products will provide traditional investors with exposure to an asset that has the potential to transform the entire financial system.
A Grayscale executive said the products will provide traditional investors with exposure to an asset that has the potential to transform the entire financial system.
Ethereum price is still struggling to clear the $3,500 resistance zone. ETH is now consolidating and might make another attempt to clear $3,550. Ethereum is consolidating below the $3,550 resistance zone. The price is trading above $3,450 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,440 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if there is a clear move above the $3,500 resistance zone. Ethereum Price Holds Gains Above $3,450 Ethereum price remained in a bullish zone above the $3,420 resistance zone. ETH made another attempt to clear the $3,550 resistance zone but failed like Bitcoin. The price reacted to the downside and tested the $3,425 level. A low is formed near $3,427 and the price is rising. There was a move above the $3,450 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3,563 swing high to the $3,427 low. There is also a key bullish trend line forming with support at $3,440 on the hourly chart of ETH/USD. Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average. If the price stays above the 100-hourly Simple Moving Average, it could attempt a fresh increase. On the upside, the price is facing resistance near the $3,500 level or the 50% Fib retracement level of the downward move from the $3,563 swing high to the $3,427 low. The first major resistance is near the $3,550 level. The next major hurdle is near the $3,565 level. A close above the $3,565 level might send Ether toward the $3,650 resistance. The next key resistance is near $3,720. An upside break above the $3,720 resistance might send the price higher toward the $3,800 resistance zone in the coming days. More Losses In ETH? If Ethereum fails to clear the $3,500 resistance, it could start another pullback. Initial support on the downside is near $3,460. The first major support sits near the $3,440 zone and the trend line. A clear move below the $3,440 support might push the price toward $3,420. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,320. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,440 Major Resistance Level – $3,550
With the Spot Ethereum ETFs expected to begin trading on Tuesday, July 23, expectations for the ETH price have shot up drastically. Numerous analysts and market experts have come forward to predict that it would be a great development for the ETH price, pushing it to new all-time highs. However, one analyst has warned investors […]
Ethereum is firm when writing, rapidly rising after slipping to around $2,800 earlier this month. As of writing, the second most valuable coin is up by over $24% and remains in an uptrend despite the scare of July 4 and 5. Ethereum Finds Strong Resistance At $3,500 Even as buyers expect ETH bulls to press on and push the coin above $3,700, a key resistance line, on-chain data shows that there is resistance. According to IntoTheBlock data on July 22, ETH has strong resistance at $3,500, which has been the case since July 16. Related Reading: Terra Classic Poised For 280% Rally On ‘Major Recovery Strength’ – Analyst At this level, 3.13 million unique addresses bought ETH at an average price of $3,547. Therefore, if prices trend below this level, these holders are in red and contemplating exiting at a loss. The fact that some addresses could be willing to dump and exit the market when prices fall makes the general environment fragile, a considerable hindrance to the upside. This makes the situation even dire, considering that ETH is not all that firm despite the expansion of July 15. From the daily chart, the uptrend remains, but there are pockets of weaknesses due to the sharpness of the July 4 and 5 dumps. The sell-off forced ETH towards the $2,800 level, reversing gains of May 20. For buyers to take over, reaffirming the uptrend of July 15, prices must zoom past $3,500 but, most importantly, $3,700. This reaction line is crucial and is the only local resistance buyers must overcome for ETH to float above $3,900 and $4,100. Millions Of ETH Pulled From Exchanges, Spot ETF Launch Fanning Demand For now, there is strength in reading from on-chain analysis. Though over three million users are in the red, more ETH continues to be moved from exchanges. On July 19, IntoTheBlock data revealed that $126 million worth of ETH was moved from leading exchanges. Notably, this development comes amid the expected approval of the first batch of spot Ethereum ETFs in the United States. If the United States Securities and Exchange Commission (SEC) greenlights these products this week, it would be a massive win for ETH. The regulatory clarity that comes with this move will be of importance. United States SEC officials have yet to clarify the status of ETH. Related Reading: Here’s Why The Bitcoin Price Crashed Below $66,000, Taking Shiba Inu And Dogecoin With It However, once spot Ethereum ETFs are listed in various bourses in the country, it would be assumed that the regulator agrees that the second most valuable coin is a commodity, just like Bitcoin. Feature image from DALLE, chart from TradingView
The US spot Ethereum ETFs are set to launch on Tuesday, July 23rd, with projections indicating potential monthly inflows of $1.2 billion. This forecast comes from ASXN, a research firm specializing in crypto finance analytics. US Spot Ethereum ETFs Could Surprise To The Upside At the core of ASXN’s analysis is the comparison between the newly introduced Ethereum ETFs and the previously launched Bitcoin ETFs. One of the critical differentiators highlighted in the report is the fee structure. The Ethereum ETFs, while mirroring the fee approach of Bitcoin ETFs, introduce a notably competitive twist with Grayscale’s new ‘mini trust’ Ethereum product. Initially disclosed at a 0.25% management fee, the fee was quickly adjusted to 0.15% after competitive pressures from other low-fee products like Blackrock’s ETHA ETF. Grayscale has strategically re-positioned 10% of its Ethereum Trust (ETHE) Assets Under Management (AUM) to this mini trust, offering ETHE holders an exchange to the new ETF at no tax liability—a move aimed at retaining capital within its ecosystem and providing a more attractive fee structure to fee-sensitive investors. “Grayscale’s strategic adjustment of its fee structure and the innovative mini trust offering are likely to redefine the competitive landscape of Ethereum ETFs,” an ASXN analyst commented in the report. “This could not only stem potential outflows but also attract a broader base of institutional investors due to the more favorable fee dynamics.” Related Reading: Here’s What To Know On Grayscale Bitcoin & Ethereum ETF Spinoffs – Details ASXN’s report also covers the potential market impact of the inflow of funds into Ethereum ETFs. Utilizing global data from existing crypto Exchange Traded Products (ETPs), the research draws parallels and contrasts between the Ethereum and Bitcoin markets. Historically, ETPs have been overweight in Bitcoin relative to Ethereum based on AUM ratios compared to market cap ratios. This has shifted slightly with Ethereum gaining more traction and investment confidence. Referring to other research reports on potential ETF inflows, the report notes: “There have been many estimates for the ETF flows, some of which we have highlighted below. Taking the estimates and standardizing them yields an average estimate in the $1bn/month region. Standard Chartered Bank offers the highest estimate with $2bn/month, while JP Morgan is on the low end at $500m/month.” ASXN’s estimate lies at $800 to $1.2 billion per month. “This was calculated by taking a market cap weighted average of monthly Bitcoin inflows and scaling this by the market cap of ETH,” the firm notes. Furthermore, they backed their estimates with the global crypto ETP data and “are open to an upside surprise given the unique dynamics of ETHE trading at par prior to the launch and the introduction of the mini trust.” The Reflexivity Of ETH In terms of liquidity, the report suggests that Ethereum’s market dynamics are distinct from those of Bitcoin. Although Ethereum’s overall liquidity is slightly lower, the impact of new ETF inflows could be more pronounced due to Ethereum’s lower ‘float’—the amount of an asset readily available for trading. “Ethereum’s liquidity profile, compounded by its smaller float relative to Bitcoin, implies that inflows into the ETF could have a disproportionately positive effect on its price,” states the report. Related Reading: CBOE Global Markets Lists Spot Ethereum ETFs, Confirms Launch Date Moreover, ASXN’s analysis is devoted to the reflexivity inherent in Ethereum’s market. According to the report, inflows into Ethereum ETFs could lead to higher Ethereum prices, which in turn could increase activity and investments in the decentralized finance (DeFi) sector and other Ethereum-based applications. This feedback loop is supported by Ethereum’s tokenomics, specifically the EIP-1559 mechanism which burns a portion of transaction fees, effectively reducing the total supply of Ethereum over time. “The reflexivity of Ethereum’s market extends beyond simple supply and demand dynamics due to its integral role in DeFi and other blockchain-based applications,” ASXN explains and adds, “as the price of Ethereum increases, it could significantly enhance the underlying fundamentals of the DeFi platforms, driving further investments and creating a self-reinforcing cycle of value appreciation.” The report concludes with strategic insights for traditional finance (TradFi) institutions considering Ethereum investments. It argues that the narrative around Ethereum as a multi-faceted platform for decentralized applications provides a compelling value proposition beyond the “digital gold” narrative typically associated with Bitcoin. ASXN also speculates on the future potential for a staked ETH ETF, which could attract TradFi players with its yield-generating capabilities. “The possibility of a staked ETH ETF could become a game-changer, offering traditional finance a way to engage with crypto assets that not only appreciate in value but also generate yield,” the report suggests. At press time, ETH traded at $3,494. Featured image created with DALL·E, chart from TradingView.com
Crypto analyst Crypto Kaleo has explained why he believes Bitcoin will continue outperforming Ethereum in the short term. He made this assertion based on his belief that the Spot Ethereum ETFs will not instantly have the impact that many expect it to have on ETH’s price. Bitcoin Will Continue To Outperform Ethereum For Now Crypto […]
The Chicago Board Options Exchange (CBOE) has confirmed the launch date for Spot Ethereum ETFs, revealing when five Spot ETH ETFs will commence trading in the crypto market. CBOE Finalizes Launch Date For Spot Ethereum ETFs On July 19, the CBOE released a new issue notification on its official website concerning the launch of Spot Ethereum ETFs trading. According to the notification, five Spot ETH ETFs will begin trading on the Chicago Board Options Exchange on July 23, 2024, pending regulatory effectiveness. Previously, analysts, including Bloomberg Senior ETF analyst, Eric Balchunas, had predicted that Spot ETH ETFs could start trading on July 2. However, Balchunas has since revised his forecast, suggesting in another X (formerly Twitter) post that ETH ETFs would likely launch on July 18. Related Reading: Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? Amid the fluctuating timelines for Spot Ethereum’s debut, the CBOE’s confirmation carries significant weight, aligning with the summer launch date projected by the United States Securities and Exchange Commission (SEC). The adjustment to a July 23 launch date is partly due to delays from several Spot Ethereum ETF issuers, who have needed to amend and resubmit their S-1 registration forms to the SEC for review and approval. The five Spot ETH ETFs set to begin trading on July 23 include Fidelity Ethereum ETF Fund (FETH), Ark 21Shares Core Ethereum ETF (CETH), Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), and Invesco Galaxy Ethereum ETF (QETH). The launch of these Spot Ethereum ETFs represents a significant milestone in the crypto market, providing investors the opportunity to gain exposure to ETH without the significant risks of volatility often associated with cryptocurrencies. Furthermore, the introduction of Spot Ethereum ETFs is set to bring greater diversification in the crypto market, offering investors a new trading option beyond Spot Bitcoin ETFs. While CBOE’s confirmation of Spot Ethereum ETFs launch is a promising development for the crypto market, the real focus will be on the performance and demand of these ETFs, as their success could set a precedent for more crypto ETF filings in the future. Will ETH ETFs Match Bitcoin ETFs Demand Post Launch? The performance of Ethereum Spot ETFs has been a hot topic in the crypto space, as analysts constantly analyze whether the demand for ETH ETFs could potentially match or even surpass that of Spot Bitcoin ETFs. Related Reading: Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In Matt Hougan, the Chief Investment Officer (CIO) of Bitwise, predicts that Ethereum Spot ETFs will be a resounding success, gathering about $15 billion in new assets within the first 18 months in the market. The Bitwise CIO also stated that the demand for ETH ETFs will surge significantly, potentially propelling the price of ETH to a $5,000 all time high. In contrast, Samson Mow, the CEO of JAN3, a Bitcoin technology company, believes that Spot Ethereum ETFs will not be as bullish as Spot Bitcoin ETFs. He further added that Ether ETFs will massively underperform Bitcoin ETFs in the market. While there are differing opinions regarding the success of Spot Ethereum ETFs, it remains uncertain just how well these investment products will perform following its launch. Featured image created with Dall.E, chart from Tradingview.com
As the July 23 deadline for launching the spot Ethereum ETF (exchange-traded fund) market approaches, asset management firms have disclosed their management fees, signaling the imminent approval of applications by the US Securities and Exchange Commission (SEC). BlackRock’s Fee Cut Strategy According to BlackRock’s amended S-1 registration statement filed on Wednesday, the asset management giant […]
Ethereum price failed to clear the $3,500 resistance zone. ETH is consolidating above the $3,380 support and might attempt another increase. Ethereum is correcting gains and struggling near the $3,500 zone. The price is trading above $3,380 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,375 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise unless there is a close below the $3,350 support. Ethereum Price Fails To Surpass $3,500 Ethereum price made another attempt to clear the $3,500 resistance zone. ETH struggled to continue higher above $3,500 and started a downside correction like Bitcoin. There was a move below the $3,450 and $3,420 levels. The price even dipped below $3,400 and tested $3,375. A low is formed at $3,376 and the price is consolidating above the 23.6% Fib retracement level of the recent decline from the $3,516 swing high to the $3,376 high. There is also a key bullish trend line forming with support at $3,375 on the hourly chart of ETH/USD. Ethereum is now trading above $3,375 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,450 level and the 50% Fib retracement level of the recent decline from the $3,516 swing high to the $3,376 high. The first major resistance is near the $3,480 level. The next major hurdle is near the $3,500 level. A close above the $3,500 level might send Ether toward the $3,550 resistance. The next key resistance is near $3,640. An upside break above the $3,640 resistance might send the price higher toward the $3,750 resistance zone in the coming days. More Downsides In ETH? If Ethereum fails to clear the $3,450 resistance, it could continue to move down. Initial support on the downside is near $3,380 and the trend line. The first major support sits near the $3,350 zone. A clear move below the $3,350 support might push the price toward $3,270. Any more losses might send the price toward the $3,220 support level in the near term. The next key support sits at $3,150. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,380 Major Resistance Level – $3,450
Ethereum (ETH) is up in the last 24 hours. This is thanks to a recent development suggesting that the Spot Ethereum ETFs are set to launch anytime soon. These funds are expected to positively impact ETH’s price, with the second-largest crypto token poised to reach new highs. Why ETH Is Up Today Ethereum experienced a price surge following Bloomberg analyst Eric Balchunas’ revelation that the Spot Ethereum ETFs could begin trading by July 23. Balchunas mentioned in an X (formerly Twitter) post that the US Securities and Exchange Commission (SEC) has gotten back to the fund issuers and asked them to submit their final S-1 filings by July 22. Related Reading: Analyst Says Solana Price Could Rise 450% To $840 – Here Are The Drivers The SEC also asked them to request effectiveness on July 22 so they can launch on July 23. Therefore, the Spot Ethereum ETFs should launch by next week, provided there are no “unforeseeable” last-minute issues, as noted by Balchunas. The launch of the Spot Ethereum ETFs is undoubtedly bullish for ETH, giving the amount of new money set to flow into its ecosystem through these funds. Crypto research firm K33 predicted that these Spot Ethereum ETFs could attract as much as $4.8 billion in their first five months of trading. In line with this, crypto analysts predict that Ethereum could record massive gains thanks to these inflows. Crypto analyst Linda recently predicted that the crypto token could rise to as high as $4,000 soon enough. Other analysts, like Altcoin Sherpa, have also predicted that ETH will hit $4,000 soon. Meanwhile, crypto analyst and trader Tyler Durden has provided a more bullish prediction for ETH, stating that the crypto token will rise to $10,000 “just the way the chips have fallen.” The crypto analyst alluded to the Spot Ethereum ETFs as what will spark such a parabolic move for Ethereum. He claimed that institutional investors had put so much effort into ensuring that the Spot Ethereum ETFs were approved and that they would ensure that they made money from these funds while pumping ETH’s price. What The Spot Ethereum ETFs Mean For Altcoins The Spot Ethereum ETFs launch is also expected to spark massive moves for other altcoins and is likely to kickstart the altcoin season. Crypto analyst Crypto Rover advised market participants to prepare accordingly, boldly asserting that altcoin season will start once the Spot Ethereum ETFs begin trading. Related Reading: JPMorgan Says Crypto Liquidations Will End And Bitcoin Bull Market Will Begin, Here’s When From a technical perspective, crypto analyst Titan of Crypto mentioned that altcoins are ready to make major moves to the upside as Bitcoin’s dominance drops. Crypto analyst Mikybull Crypto also stated that the macro short-term correction for altcoins is about to end, meaning that the Spot Ethereum ETFs could be the catalyst that sparks a bullish reversal. At the time of writing, ETH is trading at around $3,300, up in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Ethereum price gained pace above the $3,350 resistance zone. ETH even tested $3,500 and aims for more upsides in the near term. Ethereum is showing strength and tested the $3,500 level. The price is trading above $3,350 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise above the $3,500 and $3,550 resistance levels. Ethereum Price Climbs 10%, Bulls In Action Ethereum price started a major increase above the $3,250 resistance zone. ETH even climbed above the $3,350 resistance to move further into a positive zone. Finally, there was a move above the $3,440 resistance, like Bitcoin. It tested the $3,500 resistance zone. A high was formed at $3,497 and the price is now consolidating gains. The bulls seem to be active well above the 23.6% Fib retracement level of the upward wave from the $3,085 swing low to the $3,497 high. Ethereum is now trading above $3,400 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,550 level. A close above the $3,550 level might send Ether toward the $3,650 resistance. The next key resistance is near $3,720. An upside break above the $3,720 resistance might send the price higher toward the $3,880 resistance zone in the coming days. Are Dips Limited In ETH? If Ethereum fails to clear the $3,500 resistance, it could start a downside correction. Initial support on the downside is near $3,400. The first major support sits near the $3,320 zone and the trend line. A clear move below the $3,320 support might push the price toward $3,270 or the 50% Fib retracement level of the upward wave from the $3,085 swing low to the $3,497 high. Any more losses might send the price toward the $3,220 support level in the near term. The next key support sits at $3,150. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,320 Major Resistance Level – $3,500
Crypto analyst Linda has made a bullish case for Ethereum (ETH), predicting that the second-largest crypto token by market cap could rise to $4,000. The analyst also explained what could lead to such a price surge. Why Ethereum Could Reach $4,000 In a post shared on TradingView, Linda highlighted the potential approval of the Spot Ethereum ETFs as one factor that could trigger a move to $4,000 for Ethereum. She noted that the sentiment around these funds is positive, with traders waiting for news from the US Securities and Exchange Commission (SEC). Related Reading: Bitcoin Accumulation: Who’s Been Buying Up All The BTC Dumped By The German Government? These Spot Ethereum ETFs are expected to be approved anytime soon based on predictions made by market experts, including Bloomberg analyst James Seyffart. Similarly to Linda’s prediction, other crypto analysts like Michael van de Poppe have predicted that the Spot Ethereum ETFs will spark a massive rally for Ethereum. Meanwhile, from a technical perspective, Linda noted that Ethereum’s outlook is bullish and supports the crypto token’s potential rise to $4,000. She claimed that the trigger area for buyers was at $3,200. In line with this, she believes that further final consolidation of the price above the 200-day moving average and a breakout above $3,200 will “become the reason for strengthening,” with a potential price target between $4,000 and $4,800 in sight. On local timeframes, Linda also stated that there are “prerequisites for a bullish mood,” especially on the daily timeframe, where the analyst noted that a rebound from strong support is forming. Based on her analysis, Linda claimed that the overall outlook for Ethereum points to a further rise to $4,000. Ethereum’s Chart Identical To Bitcoin’s Before ETF Launch Crypto analyst Crypto Rover recently mentioned that Ethereum’s chart is identical to Bitcoin’s before the Spot Bitcoin ETFs launched. Based on this, the crypto analyst was suggesting that Ethereum could make a similar run to the one the flagship crypto enjoyed after the Bitcoin ETFs were approved. In another X post, the analyst stated that the Spot Ethereum ETFs would be approved, meaning that Ethereum’s price rally could already be on the horizon. ETH’s price surge is expected to happen thanks to the inflows the Spot Ethereum ETFs will record. Crypto research firm K33 predicts these funds could attract as much as $4.8 billion in their first five months of trading. Related Reading: Why Did The Cardano Price Surge 17% Amid The Crypto Market Crash? Crypto analyst Leon Waidmann also highlighted how these Spot Ethereum ETFs will spark a massive rally for Ethereum, stating that institutional investors will likely take a huge chunk of Ethereum’s dwindling supply once these funds begin trading. At the time of writing, Ethereum is trading at around $3,300, up almost 5% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Ethereum price started a major increase above the $3,250 resistance zone. ETH even surpassed $3,300 and aims for more upsides in the near term. Ethereum is gaining pace above the $3,250 level. The price is trading above $3,250 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise above the $3,320 and $3,350 resistance levels. Ethereum Price Regains Strength Ethereum price started a steady increase above the $3,150 resistance zone. ETH even climbed above the $3,250 resistance to move into a positive zone. Finally, there was a move above the $3,300 resistance, like Bitcoin. It tested the $3,250 resistance zone. A high was formed at $3,339 and the price is now consolidating gains. The bulls seem to be active well above the 23.6% Fib retracement level of the upward move from the $3,084 swing low to the $3,339 high. Ethereum is now trading above $3,280 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,270 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $3,340 level. The first major resistance is near the $3,350 level. The next major hurdle is near the $3,420 level. A close above the $3,420 level might send Ether toward the $3,500 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher toward the $3,650 resistance zone in the coming days. Are Dips Supported In ETH? If Ethereum fails to clear the $3,340 resistance, it could start a downside correction. Initial support on the downside is near $3,270 and the trend line. The first major support sits near the $3,220 zone. A clear move below the $3,220 support might push the price toward $3,200 or the 50% Fib retracement level of the upward move from the $3,084 swing low to the $3,339 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,270 Major Resistance Level – $3,340
Another DeFi protocol fell victim to an exploit on Friday morning. Dough Finance, an open-source protocol to create non-custodial liquidity markets, suffered a flash loan attack that took nearly $2 million in user funds. The project’s team announced they are working to resolve the situation promptly. Related Reading: SEC’s Crypto Stance Is ‘Anti-Investor’: CoinRoutes CEO […]
An Ethereum whale has caused panic among community members following a recent transaction suggesting they might be looking to offload their holdings. This comes amid a recent prediction by research firm Matrixport that Ethereum’s price could significantly rebound from its current price level. Ethereum Whales Transfers 11,215 ETH Onchain data shows that the Ethereum whale transferred 11,215 ETH ($34.3 million) to the crypto exchange Coinbase. A trader usually makes such a move when selling these tokens, and considering the amount of tokens involved, such a sale could significantly impact ETH’s price. However, data from the market intelligence platform IntoTheBlock shows that there might be a demand for these tokens if, indeed, this whale is looking to offload their tokens. Related Reading: 83% Of All Bitcoin Holders Still In Profit Despite Drop Below $60,000 There has been an increase of 132% in the large holders’ netflow to exchange netflow ratio in the last seven days, which suggests that Ethereum whales are actively accumulating more ETH. The flow metrics also paint an accumulation trend among Ethereum holders, with inflow volume into exchanges down by over 11% in the last seven days. During this period, the outflow volume from these exchanges has increased by 3%, further confirming that Ethereum investors are looking to hold their positions and accumulate more ETH at this point. This is undoubtedly a positive development for Ethereum’s price, which could witness a significant rebound thanks to this wave of accumulation. Research firm Matrixport also predicted that ETH’s price would rebound from its current price level thanks to the Spot Ethereum ETFs, which they claimed could launch as early as this week. While that remains uncertain, market experts like Bloomberg analyst James Seyffart have suggested that it shouldn’t be long before these Spot Ethereum ETFs begin trading. This is because fund issuers have implemented most of the comments that the Securities and Exchange Commission (SEC) had on their S-1 filings. ETH Is Primed For A Rally Crypto analyst Leon Waidmann mentioned in an X (formerly Twitter) post that Ethereum is primed for a rally. He made this assertion based on Ethereum’s dwindling supply. He noted that 40% of Ethereum’s supply is locked up, with 28% staked and the other 12% in smart contracts and bridges. Additionally, Waidmann expects this supply to continue to reduce once the Spot Ethereum ETFs begin trading, with institutional investors taking a huge chunk of the supply off exchanges. Based on this, Ethereum could rally on the back of the supply and demand dynamics since demand is bound to outpace supply at some point. Related Reading: Bitcoin Crash: Here’s What The Data Says About Buying The Dip Crypto analyst Follis mentioned that Ethereum’s chart looks identical to Bitcoin’s just before it pumped over 200% last year. He suggested that the Spot Ethereum ETFs could be the catalyst that sparks a similar rally for ETH. Featured image created with Dall.E, chart from Tradingview.com
Ethereum price seems to be aiming for a decent recovery. ETH could gain bullish momentum if there is a clear move above the $3,110 resistance. Ethereum is slowly moving higher above the $3,000 level. The price is trading above $3,000 and the 100-hourly Simple Moving Average. There is a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a close above the $3,110 resistance. Ethereum Price Eyes Steady Recovery Ethereum price remained stable above the $2,880 support zone. ETH started a decent upward move and climbed above the $2,950 resistance, like Bitcoin. The price even cleared the $3,050 resistance before the bears emerged. The pair tested the $3,120 resistance zone. A high was formed at $3,110 and the price is now consolidating gains. There was a minor decline below $3,080. The price declined below the 23.6% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high. Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,080 level. There is also a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD. The first major resistance is near the $3,110 level. The next major hurdle is near the $3,150 level. A close above the $3,150 level might send Ether toward the $3,220 resistance. The next key resistance is near $3,320. An upside break above the $3,320 resistance might send the price higher toward the $3,500 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,110 resistance, it could start another decline. Initial support on the downside is near $3,020. The first major support sits near the $2,975 zone and the 61.8% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high. A clear move below the $2,975 support might push the price toward $2,920. Any more losses might send the price toward the $2,820 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,975 Major Resistance Level – $3,110
Ethereum price seems to be forming a base above the $2,820 level. ETH could break the $3,160 resistance and rise toward the $3,320 resistance. Ethereum is consolidating losses above the $2,880 level. The price is trading above $3,000 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance near $2,960 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a close above the $3,160 resistance. Ethereum Price Eyes More Upsides Ethereum price retested the $2,820 support zone. ETH seems to be forming a base above $2,820 and recently started a consolidation phase, like Bitcoin. There was a recovery wave above the $2,880 and $2,920 resistance levels. There was also a break above a key bearish trend line with resistance near $2,960 on the hourly chart of ETH/USD. The pair tested the $3,080 resistance zone. A high was formed at $3,072 and the price could aim for more upsides in the near term. Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the upward move from the $2,894 swing low to the $3,072 high. If there is another recovery wave, the price might face resistance near the $3,080 level. The first major resistance is near the $3,150 level. The next major hurdle is near the $3,200 level. A close above the $3,200 level might send Ether toward the $3,320 resistance. The next key resistance is near $3,350. An upside break above the $3,350 resistance might send the price higher toward the $3,500 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,150 resistance, it could start another decline. Initial support on the downside is near $3,020. The first major support sits near the $2,960 zone and the 61.8% Fib retracement level of the upward move from the $2,894 swing low to the $3,072 high. A clear move below the $2,960 support might push the price toward $2,880. Any more losses might send the price toward the $2,820 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,960 Major Resistance Level – $3,150
The crypto community has raised the alarm about an ongoing phishing scam targeting investors after scammers posing as crypto exchange Coinbase successfully drained nearly $2 million over the weekend. The scam is reportedly related to the CoinTracker security breach from 2022. Related Reading: Bitcoin Takes A Beating: Mt. Gox Distribution Spooks Investors $1.7 Million Drained […]
While the crypto investment sector has experienced significant outflows in recent weeks, the reverse has now been the case, with combined inflows reaching $441 million in the past week alone. This follows three consecutive weeks of net outflows ramping up concerns over investor confidence. As reported by CoinShares head of research James Butterfill, the inflow […]
CoinDesk 20 Down 7%, Bitcoin Sinks by 5%, as Market Tumbles as Asia Trading Week Begins
Ethereum price remained in a bearish zone below $3,250 zone. ETH dived below the $3,000 support and even tested the $2,850 zone. Ethereum started a fresh decline below the $3,120 and $3,000 levels. The price is trading below $3,000 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct losses, but upsides might be limited above the $3,120 zone. Ethereum Price Dives 8% Ethereum price failed to start a recovery wave above the $3,150 and $3,200 resistance levels. ETH started another decline below the $3,120 support zone like Bitcoin. There was a move below the $3,050 and $3,000 support levels. The price declined 8% and even tested the $2,850 support. A low was formed at $2,862 and the price is now consolidating losses. The price is showing a lot of bearish signs and trading well below the 23.6% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 low. Ethereum is trading below $3,000 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price might face resistance near the $2,960 level. The first major resistance is near the $3,000 level. There is also a key bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD. The next major hurdle is near the $3,120 level or the 50% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 low. A close above the $3,120 level might send Ether toward the $3,200 resistance. The next key resistance is near $3,250. An upside break above the $3,250 resistance might send the price higher toward the $3,350 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,000 resistance, it could continue to move down. Initial support on the downside is near $2,850. The first major support sits near the $2,800 zone. A clear move below the $2,800 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,850 Major Resistance Level – $3,000