On July 23, 2024, the newly launched Spot Ethereum ETFs exceeded the $1 billion mark on the first day of trading. Although this is a notable success, the price of Ethereum did not show a significant increase.
However, experts are optimistic and expect that the Ethereum price could potentially rise sharply in August, analogous to Bitcoin’s developments earlier this year. In the first 15 minutes after trading began, the ETFs reached a volume of $120 million, while ETH settled at $3,478.30 with a moderate increase of 1% within 24 hours.
For those interested in digital currencies such as Ethereum or Bitcoin who are also looking for entertainment in the online gambling industry, the best online casino list offers an extensive selection.
Analysts suspect that Ethereum could follow a similar pattern to Bitcoin, which initially saw good ETF trading volumes but without an immediate price increase. “Bitcoin took a few weeks to gain momentum and over a month to reach an all-time high. Ethereum could see a significant surge in August,” explains an industry insider.
Before the launch, analysts were already bullish, and the first day’s activity confirmed their expectations. They expect ETH to need to break the resistance area around $3,730 to see a significant price increase. Andrew Kang pointed out the risk of a possible drop after the launch, as Bitcoin could outperform in the short term.
Eric Balchunas of Bloomberg speculated that if BlackRock’s Ethereum ETF reaches over $200 million in trading volume, it could exceed expectations and gain a significant market share. Nate Geraci added, “Even if the spot Ether ETFs only attract 20-25% of the assets of the spot Bitcoin ETFs, that would be a major success that I think is absolutely achievable.”
Some experts expect a short-term price drop in Ethereum after the ETF launch, similar to that of Bitcoin. However, they are confident that the price will recover and break above the $3,730 mark.
In addition, the launch of Ethereum ETFs has increased market volatility. After the launch, ETH options volatility is expected to rise from 60% to 80%, preparing traders for possible price fluctuations that could lead to a bullish trend reversal in the long term. At press time, Ether was trading at $3,643, up just 0.5% in the last 24 hours.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed