Recent developments show that Ethereum has entered oversold territory. This is undoubtedly a bullish development for the second-largest crypto by market cap, as it looks set for a price rally that could send it as high as $6,000. ETH Ready For Liftoff Having Entered Oversold Territory Crypto analyst Titan of Crypto suggested in an X (formerly Twitter) post that Ethereum is ready for liftoff, having entered oversold territory. He noted that historically, ETH sees a rally or a short-term pump whenever the relative strength index (RSI) is in or near oversold territory on the 3-day chart. Related Reading: Shiba Inu Recovery To $0.000081 ATH Levels Still In Play While it remains to be seen whether it will be a rally or just a short-term pump, Titan of Crypto added that an upward movement looks to be around the corner for Ethereum either way. The accompanying chart the crypto analyst shared showed that ETH could reach $6,000 if it is a price rally, while the crypto will at least reach $3,000 if it is just a short-term pump. Crypto analyst Crypto Wolf also recently shared an Ethereum update and noted that sentiment is at rock bottom and herd interest in ETH is fading. He added that according to his updated chart, TH is likely approaching a bottom. In line with this, he called for patience as Ethereum will experience a bullish reversal once it finds a bottom. His accompanying chart showed that Ethereum could rise to $2,900 following a price recovery and will set its sights on $5,600 if it breaks the resistance at $3,900. Crypto analyst Poisedon also hinted at an imminent price recovery for ETH, asserting that manipulation is done and that it is time for expansion. Poseidon’s accompanying chart indicated that ETH must reclaim $2,600 if the market structure is to shift to the upside. Based on the crypto analyst’s analysis, this shift to the upside could send Ethereum as high as $3,200 in the short term. Spot Ethereum ETFs Have A Role To Play The Spot Ethereum ETFs undoubtedly play a role in any potential price recovery for ETH. According to data from SoSo Value, these funds have witnessed a cumulative total net outflow of $562.31 million since launching on July 23, thereby putting significant selling pressure on ETH’s price. Related Reading: Dogecoin Moving Averages Say Accumulation Has Ended, Here’s Where Price Is Headed Next These outflows have been largely due to selling pressure from Grasyacle’s Ethereum Trust (ETHE), similar to what happened with Grasyacle’s Bitcoin Trust (GBTC) after the Spot Bitcoin ETFs launched. Bitcoin dropped to as low as $38,00 back then before climbing to its current all-time high (ATH) of $73,000 after the selling pressure from Grayscale eased. Therefore, ETH could also enjoy a parabolic rally if the same situation occurs again, with selling pressure from Graysale’s ETHE easing and other Spot Ethereum ETFs witnessing impressive inflows. At the time of writing, Ethereum is trading at around $2,320, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Ethereum is trading near its yearly low of $2,400 after an 18% drop from local highs. ETH has notably underperformed compared to Bitcoin and other altcoins like Solana this cycle, leading to investor concerns. Related Reading: Ethereum (ETH) Struggles To Break Past $2,600: What’s Driving ETH Down? One of the key reasons for this underperformance is the lack of enthusiasm surrounding Ethereum ETFs. Metrics from these funds show low interest from traditional investors, adding to the bearish sentiment around ETH. As the crypto market is gripped by fear and uncertainty, Ethereum traders are searching for clues on whether a potential recovery is on the horizon. Top analysts and investors have started sharing their views on ETH’s next move, with many suggesting that a bounce could occur if certain technical levels hold. If this bounce materializes, it may relieve Ethereum, but until then, the market remains cautious. Ethereum Price Action Suggests A Bounce Ethereum is currently trading at a critical level that could propel the next big move if it holds support. Top analyst and investor Mags has shared an analysis on X, revealing that ETH has been consolidating within a massive triangle formation since 2021. According to Mags, Ethereum is now approaching the lower boundary of this formation, which is a crucial support level that could define its next significant move. Mags anticipates a potential double-bottom pattern forming near this upward-sloping trendline, indicating that a bullish reversal may be on the horizon. Related Reading: Is Chainlink (LINK) Sliding To $9? On-Chain Metrics Expose Weak Network Activity Recently, the price tested a key demand zone at $2,307, showing initial signs of recovery. This level is essential for Ethereum’s price action, as a hold above it could signal strength and create the foundation for a move higher. The analysis suggests that the next target for ETH could be new all-time highs if it breaks out of the triangle pattern, defying the bearish expectations of many traders still waiting for lower prices. This potential bullish scenario could unfold if Ethereum’s price holds the lower boundary of the triangle and gains upward momentum. A breakout would send ETH toward higher levels, outperforming current market sentiment and surprising investors. ETH Holding Above $2,300 Ethereum (ETH) currently trades at $2,396 following intense volatility and market uncertainty. The price is in a consolidation phase, which could still be susceptible to a surprising retrace if demand weakens further. Currently, ETH is trading below the 4-hour 200 moving average (MA) at $2,596, aligning with the crucial $2,600 level. This level is vital for ETH to retake if it aims to push higher in the short term. A sustained trading position below these levels signals weakness and the potential for further declines. For bulls, reclaiming the $2,600 mark is essential to shift the price structure and initiate a new uptrend. Success in pushing this level could set the stage for targeting the local high of $2,820. Related Reading: Ethereum’s Plunge Could Be Over: This Key Pattern Signals A Rally Back To $4,000 However, if ETH fails to close above $2,600, the next significant support is anticipated around $2,116. The price action in the coming days will be critical in determining ETH’s next move, with traders watching closely for signals of either a breakout or a deeper retrace. Featured image from Dall-E, chart from TradingView
Bitcoin (BTC) and Ethereum (ETH) have started September in the red, having already suffered price declines since the beginning of the month. This bearish sentiment towards the foremost cryptocurrencies and, by extension, the broader crypto market is due to several macroeconomic factors. Market Still Feeling The Effects Of The Yen Carry Trade Recent developments suggest Bitcoin and Ethereum are still feeling the effects of the abandonment of the Yen carry trade. The Yen recently surged against the US dollar, suggesting that investors are still selling riskier assets like these cryptocurrencies to unwind their carry trade positions, which utilized the low-yielding Yen. Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000 In an X (formerly Twitter) post, hedge fund manager James Lavish also suggested that the effects of the Yen carry trade was still in play. He noted that the Nikkei 225 had dropped by 3.7% while the USD/Yen trading pair was heading lower. The Bank of Japan (BOJ) Kazuo Ueda also recently made a hawkish statement that they will continue to hike rates if the economy and prices continue to perform as expected. This has also sparked fear among traders and prompted them to close their carry trade positions, thereby putting more selling pressure on Bitcoin and Ethereum. Bitcoin and Ethereum suffered major losses during the August 5 market crash, which was caused by the BOJ’s decision to hike interest rates for the second time since 2007. Bitcoin, on its part, dropped below $50,000, while Ethereum dropped to as low as $2,200. As such, with the effects of the Yen carry trade still in play and the BOJ hinting at more rate hikes, Bitcoin and Ethereum risk suffering further price declines. US Stock Market Crash Contributes To Bitcoin And Ethereum’s Fall Furthermore, Bitcoin and Ethereum’s correlation with the US stock market has also contributed to their price crash since the beginning of September. Specifically, on September 3, over $1.05 million was wiped out from the stock market, which also sparked fear in the crypto market and led to a wave of sell-offs for Bitcoin and Ethereum. Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally This was evident in the outflows that both Spot Bitcoin and Ethereum ETFs witnessed on that day. Data from Farside investors showed that the Spot Bitcoin ETFs and Spot Ethereum ETFs witnessed total net outflows of $287.8 million and $47.4 million, respectively. With such a bearish outlook for Bitcoin and Ethereum, there is an urgent need for a spark that could provide bullish momentum for the crypto market. Crypto community members are hoping that the US Federal Reserve will cut interest rates at the next FOMC meeting set to be held between September 17 and 18, as that will provide some relief to the market and help inject more liquidity into Bitcoin and Ethereum. At the time of writing, Bitcoin and Ethereum are trading at around $57,160 and $2,400, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
So far in 2024, the Ethereum price performance has fallen short of market expectations. Instead of rallying alongside Bitcoin to new all-time highs as expected, it stalled and failed to claim $4,000 even at the height of its rally. Now, with the third quarter in full gear, the Ethereum price may still be far from […]
The Ethereum price has been on a seesaw motion in the past few weeks, oscillating between the $2,500 and $2,750 zone. The altcoin struggled to make a mark in the past week, as its value fell to as low as $2,400 at some point. While the price performance of the Ether token has been uninspiring […]
Ethereum is struggling for momentum and remains under immense selling pressure. As of writing, the second most valuable coin is inside a narrow range, trending within the $2,100 on the lower end and $2,800 on the upper end. The local resistance level could mark the start of an impressive leg up, relieving the coin of the current sell grip from early August. Ethereum Whales Selling Although supporters are upbeat, expecting the coin to trend higher, breaking above local liquidation lines in a buy trend continuation formation, there are concerns. Looking at Ethereum price action, the coin could post even more losses. Related Reading: XRP Alert: Raoul Pal Advises Investors To Sell Now – Here’s Why One analyst, citing on-chain developments, notes that Ethereum whales, or addresses holding at least 10,000 ETH, have been actively selling over the past month. Overall, their decision to sell could suggest that these entities, who are often closely monitored, are not confident about what lies ahead. Therefore, others could follow suit by unloading their holdings, leading to a supply glut. Considering market forces, an uptick in supply could negatively impact prices, delaying the climb above the immediate roadblocks. Massive Outflows From Spot ETH ETFs Beyond this, analysts are also deflated by the current trends of spot Ethereum ETFs. In May, prices shot higher when the United SEC unexpectedly fast-tracked the approval of 19b-4 forms for applicants. The approval of the S-1 registration forms was also received positively, lifting prices above the $3,000 mark. However, days after the product began trading, there were more outflows, especially from Grayscale’s ETHE. Concurrently, demand has been lower than expected. Since its inception, over $247 million worth of ETH has been redeemed from ETHE. Subsequently, prices have been struggling and moving further away from March 2024 highs. Related Reading: Bitcoin Sees Surge in Demand: Are We At The Final Phase of Consolidation? According to Farside data, all spot Ethereum ETF issuers posted outflows of around $6.5 million on August 20. This is mostly thanks to the millions of dollars of redemption through ETHE. This has been a consistent trend since August 15. It suggests that though the smart contracts platform offers value, ETH’s immediate to medium-term outlook is bearish. Accordingly, investors are choosing to move their capital elsewhere. Feature image from DALLE, chart from TradingView
Ethereum and Solana registered net inflows last week despite a price correction among most cryptocurrencies. According to the most recent Digital Asset Fund Flows Weekly Report published by CoinShares, the cumulative inflows into these investment products reached an impressive $176 million over the week. This positive trend was consistent across all regions, with each registering […]
Ethereum has struggled greatly underneath the bearish pressure that has been mounted on the crypto market over the last few weeks. The ETH price suffered multiple crashes that sent it toward $2,000 once more, shattering the expectations for a new all-time high in the third quarter. However, this decline may only be short-lived as one crypto analyst has suggested that the Ethereum price could be getting ready for another rally that could push it toward its previous highs. Ethereum Looking Promising On 1-Week Chart Crypto analyst RLinda has posted a promising analysis on the Ethereum price on the TradingView website. This analysis focuses on the ETH price on the one-week chart, which has maintained bullishness despite the crash. This follows the continuous accumulation from the low $2,000s level as the price recovers. Related Reading: Bitcoin Exchange Outflows Soar To Yearly High – Could This Fuel A Return To $70,000? The crypto analyst highlights that Ethereum is seeing buyback from the market following the crash. This suggests bullishness among investors despite the price remaining low at this point. As for the chart, the analyst points out that “a very promising technical situation is forming on W1.” RLinda proposes that there could be a number of promising conditions forming if the ETH price were to return to its global sideways range. In this case, the crypto analyst believes that Ethereum could be seeing a good cause to jump toward the $4,000-$4,800 range. Amid all of this, the crypto analyst maintains that the background for Ethereum is still quite bullish. “The liquidation (strong downward movement) and the subsequent active buyback indicates that the market is free of unnecessary traders and the train can now move in the right direction, it remains to get to the key station before departure,” RLinda stated. Key Levels To Watch The Ethereum price being bullish is positive for the cryptocurrency. However, there are still various important levels to watch that serve as important levels for the cryptocurrency to achieve this goal. This includes both support and resistance levels along the way. Related Reading: Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy In this case, RLinda places significant attention not he $2,717-$2,817 resistance area. Mainly, these areas serve as the most important resistance levels in this drive upward. According to the analyst, beating this resistance and forming support will provide the ETH price a promising liquidity target above $4,000. A full rundown of the resistance levels is $2,717 and $2,817, while the major support levels from here include $2,518, $2,425, and $2,400. RLinda believes that the whales’ Ethereum buyback shows that major players are still bullish. “After Friday’s test and pullback, the price is back to the level, which increases the chances of a breakout,” the crypto analyst said in closing. Featured image created with Dall.E, chart from Tradingview.com
A crypto analyst has reignited the debate between Ethereum (ETH) and Solana (SOL), evaluating which cryptocurrency was more superior. Considering recent market trends and performances of both altcoins, the analyst has finally identified a clear winner in the competition. Solana Wins Battle Against Ethereum In a recent X (formerly Twitter) post, legendary crypto trader and analyst, Peter Brandt drew a comparison between Solana and Ethereum, spotlighting their fundamental characteristics, strengths and weaknesses. Based on his analysis, Brandt suggests that it was inevitable that one will be recognized as the clear winner or superior blockchain and cryptocurrency. Related Reading: Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The ‘Clear Winner’ Sharing a price chart of Solana/Ethereum, the analyst offered a critical view of Ethereum, highlighting several vulnerabilities that are plaguing the blockchain. Despite being the second largest cryptocurrency by market capitalization, Brandt has described ETH as a difficult network to use, likely attributing this to its slow transaction speeds. He stated that Ethereum was expensive, cumbersome, and flawed. Moreover, the analyst has cast doubts on Ethereum’s claim to decentralization, suggesting that the blockchain was not as decentralized as it presents itself to be. On the other hand, Brandt praised Solana for its numerous strengths and noteworthy characteristics. The analyst points out that Solana’s ability to offer high speed transactions at a fraction of the cost of Ethereum was impressive. Brandt also disclosed that Solana’s network was easier to use, making it more accessible to developers and users. Additionally, the analyst highlights that Solana maintains a strong technical base, possibly referring to the blockchain’s unique Proof Of History (PoH) consensus mechanism. From the analyst’s perspective, Solana’s strong fundamentals and superior functionalities gives it a significant edge over Ethereum. He concluded his analysis with a bold prediction, stating that Solana could gain 100% in value relative to Ethereum in the months ahead. This underscores the analyst’s belief that Solana could potentially outperform Ethereum in the market. While Brandt’s comparison of Ethereum and Solana may suggest a bias against Ethereum, the analyst has clarified that he actually does not dislike ETH. ETH Forms Death Cross While SOL Surges To $160 A crypto analyst identified as ‘KickEx’ revealed in an X post that Ethereum and Bitcoin are forming a death cross on their respective price charts. The analyst notes that ETH’s recent market crash has led to the formation of a worrisome technical pattern. Related Reading: CryptoQuant CEO Says Bitcoin Price Could Reach New ATH If It Holds This Level KickEx has disclosed that if the death cross pattern plays out, Ethereum may experience a massive price decline in the liquidity range of around $2,000 per coin. At the time of writing, the cryptocurrency is trading at $2,682, reflecting a 10.84% increase, according to CoinMarketCap. While Ethereum’s price faces a potentially bleak future outlook, Solana has been performing relatively well in the market. The cryptocurrency recently hit the $160 price level, marking a rise of over 10%. Although the cryptocurrency has since retreated to $157, Solana continues to show strong bullish signals amidst market downtrends. Featured image created with Dall.E, chart from Tradingview.com
The NYSE American has asked the SEC for approval for it to list and trade options for three Ether ETFs from Bitwise and Grayscale.
Ether price is mirroring a fractal pattern from October 2023 that preceded a 178% ETH price rally.
Crypto analyst CrediBULL Crypto provided a market analysis on Pepe (PEPE), Ethereum (ETH), and XRP. Based on his analysis, PEPE could hit a new high soon enough, seeing how it has ranged since hitting a new all-time high (ATH) in May. A Price Rally For PEPE On The Horizon CrediBULL Crypto mentioned in an X […]
The Ether price has declined 10% since the approval of spot Ether ETFs, with open interest depreciating by over $250 million over the past 24 hours.
Two market experts recently revised their predictions for Ethereum, with one claiming that the second-largest crypto token could rise to as high as $100,000. Interestingly, these ultra-bullish predictions align with some predictions made by financial institutions. Ethereum To Rise To $50,000 Ethereum maximalist Adriano Feria predicted in an X (formerly Twitter) post that Ethereum could reach $50,000 in this market cycle. He made this bold prediction in response to Ethereum developer Eric Conner’s prediction that ETH will reach $35,000 this cycle. Conner had initially predicted that ETH would rise above $20,000 in this bull run but eventually revised his price target because of the “ETH hate” he was receiving following his prediction. Related Reading: This PEPE Holder Cohort Is The Reason Price Is Struggling To Reclaim $0.00002 Meanwhile, Feria followed Conner’s footsteps and upped his ETH price target, predicting the crypto token to reach $100,000. He explained that the hate ETH was getting made him realize that “99% of the people in the world are completely sidelined, and institutions have barely gotten their feet wet.” Feria added that those holding ETH are truly the “world’s elite” because ETH’s bull case should send the crypto token to $100,000. The analyst suggested that Ethereum has yet to enjoy mainstream adoption, and it could send its price to the $100,000 target when that happens. This includes the entry of institutional investors into the Ethereum ecosystem, which is already happening thanks to the Spot Ethereum ETFs. Feria is also confident in his prediction and remarked that he wasn’t joking. He noted that some financial institutions have come up with bull targets close to his price target of $100,000. One of the financial institutions that the analyst might have been referring to includes VanEck, which gave a bull case price target of $154,000 for ETH by 2030. Why ETH Rising To $50,000 Is Possible Crypto investor Jesse Eckel recently made a bullish case for Ethereum, explaining why Ethereum will not only reach but surpass the $50,000 price target. He alluded to VanEck’s prediction that Bitcoin can reach $52 million by 2050. He claimed that ETH is “objectively better money than BTC, ” meaning that the former could easily attain unprecedented heights since VanEck predicts that the flagship crypto will be worth millions of dollars. Related Reading: Hedge Fund Manager Says Bitcoin Price Will Reach $428,000 If This Happens Eckel further remarked that Ethereum is currently the “backbone” of onchain finance. He claimed that ETH would “continue to grow as a legitimate form of money” as everything becomes tokenized and trillions of dollars move onchain. The investors also noted how almost every layer-2 network launches under the Ethereum ecosystem. With such massive adoption on the horizon for ETH, Eckel predicts that Ethereum can even rise to as high as $23 million based on VanEck’s prediction for Bitcoin. At the time of writing, Ethereum is trading at around $3,170, down over 4%, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Post the Spot Ethereum ETFs launch, the ETH price has continued to struggle unexpectedly, proving that the launch of the Spot ETFs were a ‘sell the news’ event. So far, the second-largest cryptocurrency by market cap has lost around 10% of its value since the Spot Ethereum ETFs trading began on Tuesday, July 23, and could see further decline from here, according to an analysis from Matrixport. Spot Ethereum ETFs Triggers Selling Following the launch of the Spot Ethereum ETFs, there was a lot of excitement in the market, especially around the fact that investors could now gain exposure to ETH without having to directly buy the underlying token. However, this excitement has been short-lived as days after the launch, the ETH price continues to struggle. Related Reading: End Of The Road? Shiba Inu’s Shibarium Sees Massive 80.3% Crash In Active Accounts In a report released on Thursday, Markus Thielen, Head of Research at Matrixport, outlined a number of reasons why the ETH price was declining. As Thielen explains, while the inflows crossed $100 million on the first day, the Grayscale Ethereum fund had been suffering outflows. Just like with the Spot Bitcoin ETFs launch, the Grayscale ETH fund, which holds around $9 billion in ETH, began recording outflows. This is due to the fact that Grayscale’s management fees remain high with competitors offering fees as low as 0.19%. On the first day alone, $481 million flowed out of the fund, and $326 million followed the next day. In addition to this, the Mt. Gox distributions began around the time of the Spot Ethereum ETFs launch, so this even also put extra selling pressure on the crypto market. Just as the Bitcoin price did with the Spot Bitcoin ETFs, the ETH price has responded negatively to these outflows, leading to a price decline below $4,200. Will The ETH Price Recover From Here? Outflows from the Grayscale ETH fund since the launch of the Spot Ethereum ETFs have been one of the major factors driving the ETH price decline. However, it is not the only bearish development that has emerged for the cryptocurrency. Thielen points out that the ETH price may have reached the top, using the daily stochastics indicator as a guide. Now, when the value of this indicator is low, it often means a buying opportunity and the price is hitting a low. Meanwhile, the value being high suggests that the ETH price may have hit its top. Related Reading: Crypto Analyst Says Bitcoin Is Headed For $260,000 But This Must Happen First According to the report, the ETH price had hit a score of 92% in the days leading up to the Spot Ethereum ETFs launch. Usually, a score above 90% is bearish for the price as it means the cryptocurrency is currently in overbought territory. Subsequently, the value of the stochastic indicator is expected to decline as investors offload their holdings. So far, there have been a 5% decline from 92% to 87%, suggesting that there is still a long way to go before the ETH price stops bleeding. “Considering the recent rally and the potential overhang from Mt. Gox, the US earnings season, and the weak seasonals for August and September, it might make sense to press the Ethereum short a bit longer,” Markus Thielen said in closing. Featured image created with Dall.E, chart from Tradingview.com
Ethereum whales have been busy in the market, as on-chain data shows that these investors have been heavily accumulating the second-largest crypto token by market cap. This comes amid a price decline in ETH’s price, with history suggesting that the crypto token might suffer more price declines in the short term. Whales Accumulate More ETH Data from the market intelligence platform IntoTheBlock shows that Ethereum Whales bought 297,670 ETH ($1 billion) on July 24. The previous day, these whales also bought almost 400,000 ETH. Further data shows an increase of over 28% in the inflows into these whales’ addresses in the last seven days. Related Reading: Machine Learning Algorithm Predicts Shiba Inu Price Will Rise 119% In 5 Days The decline in outflows from these addresses further highlights these investors’ bullish sentiment towards Ethereum despite its underperformance. Outflows from these accounts have declined by over 14% in the last seven days and down by over 16% in the last 30 days. The large holders’ netflow metric on IntoTheBlock also highlights this wave of accumulation among Ethereum whales, as net flows have increased by over 313%. This means that these investors are heavily accumulating rather than opting to sell their ETH holdings. On-chain analytics platform Santiment noted that this significant increase in ETH’s whale activity is due to the Spot Ethereum ETFs, which began trading on July 23. The platform made this observation while revealing that since July 17, the amount of ETH transfers has exceeded over $100,000 in value, which is over 64% higher than the number of BTC transfers and over 126% higher than the USDT transfers on the Ethereum network. The Spot Ethereum ETFs had undoubtedly presented a bullish outlook for Ethereum even before they launched, as crypto analysts like RLinda predicted that ETH could rise to $4,000 thanks to these funds. As such, it is no surprise that Ethereum whales continue to accumulate the crypto token in anticipation of higher prices from ETH. The Spot Ethereum ETFs Launch Might Be A Headwind At First The Spot Ethereum ETFs were projected to be the catalyst that would spark a massive rally in ETH’s price, and that is likely to happen at some point. However, history suggests these funds may act as a headwind for Ethereum at first, similar to the fate that Bitcoin suffered immediately after the Spot Bitcoin ETFs launched earlier this year. Related Reading: Analyst Says Solana Price Will Surge 1,000% To $1,800, Here’s When Bitcoin experienced significant price declines, largely thanks to the outflows from Grayscale’s Bitcoin Trust (GBTC). A similar situation is already playing out for ETH with Grayscale’s Ethereum Trust (ETHE). Interestingly, Grayscale’s ETHE experienced a net outflow of $484.1 million on day 1 of trading, much larger than the net outflows GBTC experienced on day 1, and GBTC is bigger. Considering this, Ethereum could face significant selling pressure from Grayscale’s ETHE. Data from Farside Investors shows that the Spot Ethereum ETF experienced a net outflow of $326.9 million on July 24 (day 2), likely just the start of the massive outflows that could eventually pour out from the fund. Featured image created with Dall.E, chart from Tradingview.com
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
BTC price "profit taking" has resulted from large ETF inflow days in the past, while both Bitcoin and Ether shrug off the latter's ETF launch day.
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 […]
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
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
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
According to the latest on-chain observation, gas fees on the Ethereum network have fallen to their lowest level in nearly two months. How will this impact the price of ETH? Ethereum Network Activity Wanes Ahead Of Spot ETF In a new Quicktake post, a pseudonymous analyst revealed that the activity on the Ethereum network has […]
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
The crypto industry is on the verge of a potentially significant development as key figures in the sector hint at the imminent approval of a spot Ethereum ETF in the United States, possibly triggering a notable price rally for ETH. Nate Geraci, president of The ETF Store, shared insights into the expected timeline for the launch of the first spot Ethereum ETF. According to Geraci, current forecasts by Bloomberg predict a mid-July launch. He detailed the procedural timeline via X, stating, “Wen spot eth ETF? BBG sticking w/ mid-July. Amended S-1s due July 8th. Potential final S-1s by July 12th. Would theoretically mean launch week of July 15th.” In parallel, Steve Kurz, head of asset management at Galaxy Digital, confirmed to Bloomberg on July 2 that the U.S. Securities and Exchange Commission (SEC) might greenlight a spot Ethereum ETF before the month’s end. Related Reading: ETH Price Dips As Ethereum ETF Approval Faces Delay Kurz emphasized the extensive groundwork laid in collaboration with the SEC, drawing parallels between the proposed Ethereum ETF and Galaxy’s existing spot Bitcoin ETF (BTCO), created with Invesco. Kurz expressed confidence in their preparedness, remarking, “We know the plumbing, we know the process… The SEC is engaged.” Bloomberg ETF analyst Eric Balchunas also chimed in, aligning with the mid-July expectations. He highlighted the SEC’s recent instructions to Ethereum ETF issuers for amending their S-1 registration forms by July 8, suggesting possible further amendments. Notably, the SEC approved rule changes under 19-b4 in May, facilitating the listing and trading of such funds, though the issuance of funds remained pending final approvals. Ethereum Price Holds Above Key Support The anticipation of these approvals appears to be having a stabilizing effect on Ethereum prices. Crypto analyst IncomeSharks, commenting on Ethereum’s current price trajectory via X, noted optimism for a near-term breakout, stating, “ETH – Looking more optimistic for a Q3 breakout. Liking the chances of a run towards $4,000 this or next month.” According to the chart shared by him, ETH price needs to hold the region of $3,300 to $3,350 in order to rally to $4,000. Supporting this sentiment, Cold Blooded Shiller highlighted the crucial need for Ethereum to demonstrate momentum at the current price levels, specifically around the $3,400 mark, as a key indicator for a potential high-time-frame impulse. Related Reading: Ethereum Suffers 3rd Straight Weekly Outflows, Becomes 2024’s Worst Performer “ETH is still in a fine position but it really needs to start showing some momentum soon. LTF divergences around this $3400 low are probably where I take one stab at trying to capture any HTF impulse away from the consolidation,” he remarked via X. Adding historical perspective, analyst Jelle (@CryptoJelleNL) compared the current market phase to Ethereum’s long consolidation in 2016-2017 before its massive rally, urging persistence and optimism: “In 2016-2017, ETH consolidated for 50+ weeks before rallying nearly 12000 percent. Today, people are giving up after less than 20 weeks, with ETH ETFs right around the corner. Stick to the plan boys. The best is yet to come.” At press time, ETH traded at $3,353. Featured image created with DALL·E, chart from TradingView.com
The price of Ethereum could be bolstered by inflows into upcoming U.S. spot ETFs, while Bitcoin faces headwinds from Mt. Gox creditor repayments.
Crypto investment products tracking Ethereum and others registered another week of outflows last week, albeit at a lesser amount, to extend the run of outflows to three consecutive weeks. Digital investment products witnessed $30 million worth of outflows last week. However, this outflow deviated from the trend we normally observe, with Bitcoin taking a step […]
On-chain data recently showed that the Ethereum staking has experienced significant growth over the last month. This undoubtedly presents a bullish outlook for the Ethereum ecosystem, which is already oozing with a lot of bullish sentiment heading into July. Almost 60,000 Unique Depositors Join Ethereum Network Data from the on-chain analytics platform CryptoQuant shows that […]