Bullish Ethereum Spot ETFs | Buying In Bulk!The Spot ETFs is always a bullish development. Crypto is growing, the market is expanding and is being accepted all across the world. This is good and we love it.
The effect these "financial vehicles" have on the market is a completely different monster.
The effect is surely bullish, long-term, but on the short-term things can be different.
You know, this is a business. In business, when you buy large quantities of anything, usually you tend to get a big discount.
The institutions want crypto, the giants want Ether and they want billions of it. There is a catch though, they are willing to pay only around $1,000 to $1,200 for each ETH and this they say is still a big price.
Long story short, these giant institutions bought billions of dollars worth of Ether and this will soon reflect on the price.
The chart says a support range of $1500 - $1750 as the next support, but, knowing that they paid around $1,100 per ETH God only knows how far down the price will actually go.
Namaste.
