Cryptocurrency analyst Michael van de Poppe predicts Ethereum is nearing its lowest point, with the upcoming Ethereum ETF news potentially triggering significant market moves. Van de Poppe’s analysis suggests a classic “Sell the rumor, buy the news” scenario, leading to substantial price fluctuations. Ethereum current price stands at $3,122.79, reflecting a 1.02% increase in the past 24 hours. It has a market capitalization of approximately $375.1 billion.
Ethereum ETF News Could Drive Volatility
Van de Poppe believes that the upcoming Ethereum ETF news will have a profound impact on the market. He emphasizes the “Sell the rumor, buy the news” strategy, where investors sell assets based on rumors and repurchase them when the actual news is released. This strategy often results in significant price volatility. Despite a 35.12% decrease in trading volume to $9.53 billion, Ethereum has maintained positive momentum, with its price fluctuating between $3,090 and $3,150 in the last 24 hours.
Van de Poppe’s prediction highlights the potential for Ethereum to experience a notable price increase once the ETF news is officially announced. Although he expressed doubts about the approval of Ethereum ETFs in May, he suggested that the SEC postpone the approval process rather than outright deny the applications. This delay could shift market focus towards potential approvals later in August.
ETH Price Stability Suggests Potential Rebound
Technical analysis of Ethereum’s market over the past 24 hours has shown significant movements in key indicators. The Alligator indicator, with the jaw, teeth, and lips, standing at 3055.21, 3020.53, and 3013.32, respectively. This convergence suggests that the market may be entering a phase of trend formation, signaling the end of a consolidation phase and the beginning of a new trend.
Additionally, the Coppock Curve, currently at -4.87, reflects bearish momentum. However, the overall trend since late 2023 has shown substantial upward movements, underscoring Ethereum’s resilience. Despite the bearish Coppock Curve, Ethereum’s price stability and positive momentum indicate the potential for a significant price rebound once the ETF news is confirmed.
Data from Coinglass indicates notable changes in the ETH derivatives market. Overall volume has decreased by 41.80% to $15.20 billion, while options volume has plummeted by 51.55% to $320.63 million. Despite these drops, open interest has increased by 1.28% to $11.89 billion, and options open interest has risen by 1.63% to $6.38 billion.
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The post Analyst Predicts Ethereum ETF to Trigger Major ETH Market Moves appeared first on CoinGape.
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