Ethereum

Franklin

Ethereum Name Service

<p class="is-style-lead">Ethereum price was in a consolidation phase on Tuesday even as the Securities and Exchange Commission approved ETFs by companies like BlackRock, Invesco, Bitwise, and Franklin Templeton.</p> 
<p>The <a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a> token was trading at $3,500, where it has been stuck in the past few days after rising by 25% from its lowest point this month.&nbsp;</p> 
<h2 class="wp-block-heading" id="sec-approves-spot-ethereum-etfs">SEC approves spot Ethereum ETFs</h2> 
<p>The SEC <a href="https://crypto.news/ethereum-etfs-get-final-approval-trading-to-start-tuesday/" target="_blank" rel="noreferrer noopener">approved</a> spot Ethereum ETFs this week and expects them to start trading on Tuesday. This is a big event for Ethereum and the ETF issuers since the SEC has often warned that it sees Ether as a security because of its staking features.</p> 
<p>Some of the approved ETFs are ETH by Grayscale, EZET by Franklin Templeton, ETHV by VanEck, FETH by Fidelity, and ETHA by Blackrock. Most of these funds have a 0% starting fee, with Blackrock’s ETHA having a smaller 0.12% waiver.&nbsp;</p> 
<p>After that, Grayscale’s ETH will be the cheapest Ethereum ETF, with an expense ratio of 0.15%. The other cheaper funds will be EZET (0.19%), ETHV (0.20%), and ETHW (0.20%).</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">What are we expecting today for the Ethereum ETFs? <br><br>We expect them to begin trading tomorrow. That means we should see a bunch of filings on SEC site today that say the ETFs' prospectuses have gone "effective". Likely after or around market close. Here are the race entrants: <a href="https://t.co/AkBxEjBRvv" target="_blank" rel="">pic.twitter.com/AkBxEjBRvv</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1815395664051818873?ref_src=twsrc%5Etfw" target="_blank" rel="">July 22, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> You might also like: <a href="https://crypto.news/ethereum-name-service-jumps-7-on-day-spot-ethereum-etfs-launch/"> Ethereum Name Service jumps 7% on day spot Ethereum ETFs launch </a> </p> 
<h2 class="wp-block-heading" id="buy-the-rumor-sell-the-news">Buy the rumor, sell the news</h2> 
<p>In theory, Ethereum’s price should have risen after the news of such important ETFs. Besides, Bitcoin rose from below $40,000 in January when the SEC approved spot ETFs and reached a record high of $73,750.</p> 
<p>However, there is also a risk that Ethereum will retreat since the ETF approval was in line with expectations. These expectations partly explain why Ether has risen by over 25% from its lowest point this year.</p> 
<p>In price action analysis, this situation is known as ‘buy the rumor, sell the news’. It happens when an asset rises in anticipation of a big event and then falls when it happens.&nbsp;</p> 
<p>A good example of this is what happened in 2023 when the SEC partially lost its lawsuit against Ripple. The XRP token rose to $0.9325 that day and then slumped by 60% and bottomed at $0.3821 this month.&nbsp;</p> 
<p>Fortunately for Ethereum, it has formed a bullish flag chart pattern, which is often a sign of continuation. More upside will be confirmed if it rises above the upper side of the flag pattern at $3,570.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14286596"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Ethereum-Price.jpeg.webp"> 
  <img loading="lazy" decoding="async" width="3555" height="1873" src="https://crypto.news/app/uploads/2024/07/Ethereum-Price.jpeg" alt="Ethereum price"> 
 </picture> 
 <figcaption class="wp-element-caption">
  Ethereum price has formed a bullish flag pattern
 </figcaption>
</figure> 
<p>Ethereum also has some solid fundamentals. As Blackrock’s Jay Jacobs noted, the network has a real utility since it is the most popular blockchain network in <a href="https://defillama.com/chain/Ethereum" target="_blank" rel="">Decentralized Finance</a> (DeFi), metaverse, stablecoins, and non-fungible tokens (NFT). It has over $79 billion in stablecoins and has already collected over $1.8 billion in fees this year.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Here's BlackRock's Ether pitch to normies via <a href="https://twitter.com/JayJacobsCFA?ref_src=twsrc%5Etfw" target="_blank" rel="">@JayJacobsCFA</a>: "While many see bitcoin's key appeal in its scarcity many find ethereum's appeal in its utility.. you could think of ethereum as a global platform for applications that run without decentralized intermediaries" <a href="https://twitter.com/search?q=%24ETHA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ETHA</a> <a href="https://t.co/ffyglfSTiB" target="_blank" rel="">pic.twitter.com/ffyglfSTiB</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1815525501152178615?ref_src=twsrc%5Etfw" target="_blank" rel="">July 22, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Ethereum also has a long track record of beating Bitcoin. It has risen by 1,600% in the past five years, while Bitcoin has jumped by 600%.</p> 
<p>Therefore, the same investors who have allocated cash in Bitcoin ETFs like Millenium Management, Susquehanna, and Apollo Global may decide to allocate some to these ETFs.&nbsp;All this is happening at a time when <a href="https://crypto.news/ethereum-price-steady-as-balances-in-exchanges-drop-open-interest-rises/" target="_blank" rel="noreferrer noopener">Ethereum balances</a> in exchanges have dropped sharply this year.</p> 
<p> You might also like: <a href="https://crypto.news/btc-etf-inflows-reached-533m-ahead-of-eth-etf-launch/"> BTC ETF inflows reached $533m ahead of ETH ETF launch </a> </p>

Ethereum price could see sell-the-news retreat following ETF approval

Table of Contents

crypto.news

Other articles published on Jul 23, 2024

Trump Fired Biden Solana Memecoin Will Skyrocket 17,000% Before Exchange Listings, As SHIB and Do...

Analyst Predicts XRP Could Surge 41,400% to $150, Reveals Chart Patterns

MoonBag: The Crypto Marvel Flying High, While The Sandbox’s Rewards Fall Short in a Sea of Securi...

State Street Stablecoins and Deposit Tokens Are Now Being Promoted

Charlie Shrem: The Uncharted Path of a Resilient Crypto Prisoner and Entrepreneur

99Bitcoins token prepares for IEO after raising over $2.5M

Join our free newsletter for daily crypto updates!