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Ethereum ETFs Pump Out $1B in Trading Volume. But When Record?The novel asset class debuted for trading on Wall Street with about a billion dollars worth of trades. But Ether’s price didn’t move an inch. In fact, it dropped, confusing traders who were expecting a more impressive performance by the megacap token. What happened? Ether ETFs Make a Splash on Wall Street Ethereum ( ETH/USD ), the second-largest cryptocurrency after Bitcoin ( BTC/USD ), made its debut as an exchange-traded product this week. A total of nine spot Ethereum exchange-traded funds (ETFs) landed for their first deals on Tuesday. Packaged by eight different issuers, these new investment vehicles generated a buzz with $1 billion in volume traded, or the entire value exchanged between back-and-forth trades. The cool thing about this milestone event is that ordinary consumers and professional money managers can get their hands on a Bitcoin alternative — these ETFs hold genuine Ethereum. And while buyers can’t get custody over the digital asset itself (that’s for the issuers to handle), they can buy shares of the ETFs and get the same volatility and price exposure as if they were holding the actual product. And that’s where the value proposition kicks in — buyers don’t need to be tech-savvy, get a cold wallet and silently mumble a 24-word seed phrase every time they access the blockchain. They can log into their brokerage account and snap up some spot ETH ETF shares. A Price Show Similar to Bitcoin’s Pump Markets saw that same narrative play out picture-perfect with the launch of 11 spot Bitcoin ETFs . Back in January, the Securities and Exchange Commission gave its nod to the long-awaited crypto products and shortly after, the orange token blasted off to a record high of more than $73,000 per coin. It must be said that the all-time high didn’t arrive immediately . But there was a solid build-up in the days and weeks before the official rollout. A price increase of a formidable size . Analysts had expected a similar scenario to unfold for Ethereum. Only that, there wasn’t a powerful pump in the price — not before, not immediately after the launch of the ETFs. Why was that? Why Ether Can’t Walk in Bitcoin’s Footsteps Some big differences can be spotted. The spot Bitcoin ETFs exchanged about $4.6 billion in trading volume on day one, or about five times more than what Ethereum achieved. The second most valuable token pulled in about $107 million of net inflows — the money that stayed in teh funds after the money that had left — on its first day as an ETF product. Moreover, Ethereum is far less popular as a store of wealth and an investment asset. It’s the place where DeFi dApps and NFTs run on smart contracts (excuse the jargon, but it’s a good way to make a point). Ethereum doesn’t have the big digital currency/digital gold/payment method aura like Bitcoin. Instead, it operates as a platform where geeks program immutable contracts that lay out the infrastructure of the next internet era — Web 3. To illustrate, think of Bitcoin as crypto’s gold ( XAU/USD ), while Ethereum could be likened to Nvidia (ticker: NVDA ) (in its early days, though) — the technology player that paves the way to the next big thing. Bullish Narrative Remains Intact This said, the big guys on Wall Street are nonetheless bullish. The asset managers that launched these new ETF products, including Fidelity, Grayscale, and BlackRock, are lowering the entry barrier to Ethereum as a technology alternative to Bitcoin’s speculative cred. Against this backdrop, the price of Ethereum stayed flat and even dipped a little. The token was hugging the flatline around $3,460 per token and was down about 1% a day after the big launch. Still, Ethereum is up about 50% on the year, exactly the same pace as the rise of Bitcoin for the same time span. More importantly, the door was cracked a little more open for another spot crypto product that wanted to rub shoulders with traditional assets, such as bonds, stocks and currencies. What’s Your Prediction? Is Ethereum going to repeat the success of Bitcoin now that it has ETFs to shake up the price? Let us know in the comments!
Editors' picks
COINBASE:ETHUSD
by TradingView
13
Ethereum bullish scenarioAlthough Bitcoin bears managed to set a new low a couple of weeks ago, Ethereum bears failed to do so and instead bounced off horizontal support which suggest it is maintaining its value better than Bitcoin. With Ethereum now back above the 200 EMA (in orange) on the daily chart and holding above the mid range, there is a good probability that the key $4,000 zone will be tested again. If Ethereum breaks through $4,000, the bulls could potentially push the price to the $5,555 zone. Let’s not forget that the #Ethereum ETF is launching soon, which supports a bullish scenario.
COINBASE:ETHUSDLong
by Krokzi
ETHEREUM ETFs are live! Is a new era of growth emerging?United States Ether exchange-traded funds (ETFs) posted net inflows of $106.6 million on their first day of trading. Ethereum (ETHUSD) saw the massive inflows led by BlackRock, Bitwise and Fidelity overcome the outflows from Grayscale and that may have set the tone of a new ear of growth for the market. Much like Bitcoin's ETF launch back in January, ETH may see a similar rally that can finally take it past its All Time High (ATH). As you can see on this 1W time-frame chart, the post BTC ETD approval rally on January led to March's High. Another such Leg can see ETH past $5000 by September. Apart from the undoubtedly great ETF news, this chart shows Ethereum's cyclical behavior, and as you can see, relative to the previous Cycle, its upside potential rests a little above the 1.5 Fibonacci extension level. That was the spot where the November 2021 ATH was priced. Our long-term Target range remains $10000 - $12000. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CRYPTO:ETHUSDLong
by TradingShot
2
$3k eth a stealis 3k eth a steal? i would say buying around 3k has great risk reward especially after etf has been approved and if i goes under $3k even better! but we have 2 very important trendlines on the chart. resistance that goes from ath. and a support line that perfectly matches up from 2017 until now. we are currently in a symmetrical triangle and due to break by this winter. with volume decreasing has we get order the last quarter of triangle i think we are due for break up. a buy on this support line or long would be a great risk reward. trend is your friend on this one.
COINBASE:ETHUSD
by z3bracoRn
Potential Breakout in ETH/USD Amid Sideways Market and ETF NewsChart Description: Over the past 48 4-hour candles, ETH/USD has been oscillating within a tight range, suggesting a sideways market condition. The resistance zone around $3490-$3500 has been tested multiple times without a decisive breakout. However, the landscape is subtly changing post-ETF news, which hasn't yet significantly moved the market, potentially due to the overhanging impact from the Mt. Gox sell-off. Technical Analysis: Sideways Trend: The consolidation observed in the last 192 hours indicates uncertainty but also builds potential energy for a significant price move. Resistance Test: The $3490-$3500 level is critical, having acted as a strong barrier on multiple attempts. A clear break above this level could shift the market sentiment. Impact of ETF News: Despite the ETF news not triggering an immediate bullish response, the market appears to be digesting the implications slowly. This latent reaction might be due to the large-scale sell-offs linked to historical factors like Mt. Gox, clouding immediate bullish cues. Potential Breakout Targets: Should ETH move above $3500 decisively, the next resistance lies at the $3550-$3600 range. Overcoming this could pave the way for a sharp rally towards $4000, where significant sell orders are anticipated. Market Sentiment: The market is relatively calm, providing a potential setup for a bullish breakout if it responds positively to the accumulated cues. However, traders should watch for volume increases as a confirmation of breakout strength. Strategy: Entry Point: Look for a sustained breakout above $3500 with high trading volume as a confirmation. Stop Loss: Set a stop loss just below $3490 to minimize exposure to a false breakout. Take Profit Levels: Initial targets at $3550-$3600, followed by a potential run towards $4000 if momentum sustains. Conclusion: The ETH/USD pair shows potential for an upward movement if it can sustain a breakout above the immediate resistance. With the market's slow reaction to ETF news and recent sell-offs factored in, any move above $3500 could trigger a stronger bullish phase towards the $4000 mark. Keep an eye on market volume and sentiment shifts as these will be key to confirming the expected trend.
BITSTAMP:ETHUSDLong
by Crypto_Ikigai
The queen will follow the king in a bullish marketGreetings, Dear friends, I hope you are well and have a week full of successful and profitable transactions. I haven't been in the service of the companions on the Trading View platform for a few weeks because I was completing an educational resource. I hope I can make up for my absence from now on, but if I see a valuable market, I will share it with you. The text of my analysis: Yes, Ethereum is the queen of cryptocurrencies due to its more reasonable price. Like Bitcoin, it showed a corrective structure, which is a zigzag pattern. Based on my view, I have named it the fourth wave, and after that, an impulse pattern was expected to take place in the price, which is quite evident. But what is important is what correction pattern will be formed in this process and, more importantly, how much of the Fibonacci correction will be removed! Is it shallow or deep? (Each wave moves or expands in proportion to its previous wave) that we will again see price action with an impulse pattern. In addition, Ethereum will surpass the progress of Bitcoin in its past trend but in proportion to the growth. It should be noted that we should be patient until the completion of any type of corrective pattern and in a lower time frame, we should use channeling in the variety of patterns because usually, a corrective pattern ends in two parallel lines. Note: I am an analyst in the world of principle wave, who has entered the fourth year of my work experience, and I am developing an analytical idea. In financial markets, there is no 100% certainty due to the complexity of different patterns that can change. However, I do my best to back up every analysis I share with you guys with everything I've learned so far. A brief explanation of the three fundamental laws of the wave principle: 1. The second wave should never go beyond the beginning of the first wave. 2. The third wave should never be the shortest wave between waves 1, 3, and 5. 3. The fourth wave must never enter the territory of the first wave. Ralph Nelson Elliott was the founder of this theory, and when asked about his view of the market, he always referred to five waves in the direction of a larger trend and three waves against the direction it was taking. After completing an eight-wave cycle, a larger cycle is formed in the future, simply. May his memory be cherished, and may his soul rest in the shelter of God Almighty and the eternal world. I am attaching the analysis of this market that I shared with you earlier to this current analysis. The last word of my analysis text is repetitive, except to explain the current analysis because I also trade in the financial markets and I am active in my social networks, and I work hard to improve my skills in analysis and trading to reach my goal. I apologize for repeating the text. I welcome suggestions and criticisms, and I will respond, but a logical reason is important to me. Thank you for taking the time to review my analysis. First of all, I wish good health and success to all my dear friends and colleagues. Mr. Nobody
BITFINEX:ETHUSDLong
by mehdi47abbasi79
Elliott Wave Analysis on Ethereum (ETH/USD)Major Wave Structure 1. Primary Waves • W-X-Y-XX-Z: The chart begins with a complex corrective structure indicating a prolonged corrective phase. • 1-2-3-4-5: Following the complex correction, an impulsive wave structure is apparent, suggesting the beginning of a new trend. 2. Subwaves • Each primary wave consists of smaller-degree waves, identified using numerical (1, 2, 3, 4, 5) and alphabetical (A, B, C) labels. Detailed Breakdown Corrective Phase (W-X-Y-XX-Z) • Wave W: Indicates an initial corrective phase, typically forming a zigzag pattern. • Wave X: A connecting wave that can take the form of a triangle, flat, or zigzag. • Wave Y: Another corrective wave similar to wave W. • Wave XX: Another connecting wave, similar in structure to wave X. • Wave Z: The final corrective phase in the complex structure. Impulsive Phase (1-2-3-4-5) • Wave 1: Initial impulsive wave marking the beginning of a new trend. • Wave 2: Corrective phase, typically retracing part of wave 1. • Wave 3: The strongest and usually the longest wave, often extending to 161.8% of wave 1. • Wave 4: Another corrective wave, usually less severe than wave 2. • Wave 5: Final wave in the impulsive phase, often displaying divergence with indicators like MACD or RSI. Fibonacci Levels • Fibonacci retracement levels are crucial in identifying potential reversal points and are marked on the chart: • 23.6% Retracement: Around 3367.855, indicating a potential resistance level during a pullback. • 38.2% Retracement: Near 3279.830, suggesting a significant support level. • 50% Retracement: Often considered a strong support or resistance level, located around 3219.320. Future Projections 1. Current Scenario • The chart indicates that Ethereum is currently forming wave (2), which is expected to continue downwards, with potential support around 3279.830 or 3219.320. 2. Wave (3) Projection • After completing wave (2), an upward impulsive phase (wave (3)) is likely to begin. This wave could extend towards new highs, potentially targeting levels above the previous peak of wave (1). Conclusion • Short-Term: Expect a downward correction in wave (2), with support around 3279.830 or 3219.320. • Medium-Term: A strong upward movement is expected to follow in wave (3), potentially reaching new highs. • Long-Term: Continuation of the upward trend in waves (4) and (5), with final targets determined by the extent of wave (3). Trading Strategy • Entry: Consider entering long positions near the end of wave (2), using Fibonacci support levels around 3279.830 or 3219.320 as potential entry points. • Stop-Loss: Place stop-loss orders below the 50% retracement level to protect against deeper corrections. • Targets: Set initial profit targets around the previous peak of wave (1) and adjust positions based on the development of wave (3).
BINANCE:ETHUSDLong
by KironKavanagh
1
ETH - MIXED SIGNALSThe Ethereum chart actually looks stellar, even in light of the expectations, which I will lay out below. Price is testing the center of the red range as support and Trading Alpha has sustained bullish dots. We had the breakout from the blue descending bull flag and a retest as support. All good. But I have concerns. It is hard to expect a good performance from the ETH ETFs to start, but this market tends to do exactly the opposite of what you expect. The rationale is that we see a major sell off, like we did at the beginning with the Bitcoin ETFs. Why? Not because it is a "sell the news" event. The reason is... Grayscale. When the BTC ETFs launched, GBTC fees were 1.5% - 5x the average competitor. Ridiculous. So we saw billions of dollars in immediate and sustained selling pressure, sending price from $49,000 to below $39,000... before going up to $74,000. Grayscale set their fees for ETHE at an astounding 2.5%. ETHE has MUN:10B in AUM, which you can expect to largely be sold into the market. That is 10X the fees of BlackRock et al. ETH is a smaller asset than BTC, so this is a huge amount of potential selling pressure relative to the market. Am I bearish? No. Am I looking to potentially buy ETH much cheaper before demand kicks in? Yes. It may not happen.
BITSTAMP:ETHUSD
by ScottMelker
2
Jul.16-Jul.22(ETH)Weekly market recapThe rise from the excellent CPI lasted for 10 days, and Biden’s quit from the next presidential election continues the bull trend. The pricing for CPI has ended. The market has once again entered a macro cooling period. We don’t think PCE on Friday will change anything. The next important macro event will be the FOMC release at the end of the July. Although it is almost impossible for the next FOMC to cut interest rates, bulls need to find reasons to maintain strength from the FOMC statement and Powell's speech. Also worth paying special attention to in the coming week is the Bitcoin 2024 conference. Trump will take the stage to give a speech on the last day. If he really includes BTC as a strategic reserve of the United States as he said before, then BTC will be crazy about it. On the other hand, the ETH ETF was officially approved a few hours ago, and will officially trade in the next session. This is a bullish event for ETH in the long term, but in the short term, the market reaction is not ideal. We believe that the trend of ETH may be the same as that of BTC through ETF. Take a break and then go up. ETH encountered bearish strength after hitting 3500. The performance over the past seven days has been weaker than that of BTC. The ME indicator continues to maintain its bullish trend. But judging from the WTA indicators, like BTC, whale participation has been low in the past seven days, and even the transaction volume has continued to decrease. In summary, we believe that ETH may remain fluctuating this week. The probability of rising is greater than falling. The approval of ETF will benefit ETH in the long term, and the ETH/BTC rate will rise. We maintain the resistance level 4000 and support level 2800. Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies. Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
COINBASE:ETHUSD
by Sypool
1
ETH ETFs to Follow Bitcoin's Footsteps? ETH/USD is expected to experience increased volatility this week, with spot Ethereum ETFs set to go live on Tuesday, according to Bloomberg. The Securities and Exchange Commission (SEC) is poised to finalize updates on the products today. Ethereum ETFs follow the path of eleven trading spot Bitcoin ETFs, which have amassed over $54 billion in assets under management since their January debut. Bitcoin has surged 47% this year. Demand for the ETH ETF funds are projected to be 20% that of the spot Bitcoin ETFs, according to Bloomberg analyst James Seyffart. Meanwhile, the Bitcoin 2024 Conference will commence on July 25, featuring Republican nominee Donald Trump, who is set to discuss a potential US Bitcoin strategy. Speculation is rife that Trump may announce the creation of a U.S. Bitcoin strategic reserve during his highly anticipated appearance. David Bailey, the organizer of the Bitcoin 2024 conference has also hinted that Tesla CEO Elon Musk could make a surprise appearance at the event. Musk recently updated his X profile picture to feature laser eyes, a symbol among bitcoin and crypto enthusiasts as noted by Michael Saylor, founder of bitcoin-buying software company MicroStrategy, alongside a screenshot of Musk's new profile picture.
BLACKBULL:ETHUSD
by BlackBull_Markets
Ethereum Spot ETF TOMORROW! Expect a HUGE Sell-Off!The Ethereum Spot ETF launches tomorrow, July 23, 2024. Over the 12 days following the Bitcoin Spot ETF launch on January 11th, CRYPTOCAP:BTC retraced ~20% If Ethereum follows this pattern, it should fall to ~$2,800 around August 4th. We know that Grayscale holds ~$9.87B CRYPTOCAP:ETH and it plans on charging its customers 10x the management fee vs competitors. I very much expect a big sell-off because of this, possibly greater than 20%
COINBASE:ETHUSDShort
by jonnieking
1
Bullish breakout?ETH/USD is reacting off the pivot which acts as a pullback resistance level and could potentially breakout to the pullback resistance. Pivot: 3,530.53 1st Support: 3,375.84 1st Resistance: 3,709.39 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:ETHUSDLong
by ICmarkets
1