Ethereum

Strong

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-receives-etf-approval-with-strong-support-from-financial-giants/" data-wpel-link="internal">Ethereum Receives ETF Approval with Strong Support from Financial Giants</a><br></p>
<p style="text-align: justify"><a href="https://en.coin-turk.com/ethereum-price-momentum-gains-as-key-levels-are-tested/" data-wpel-link="internal">Ethereum</a>, the largest altcoin by market value, received ETF approval with strong support from traditional financial giants. However, despite the ETF approval and the passage of time, it has not experienced the expected rise. Can BTC’s decline benefit Ether this time? What are the current predictions?</p> 
<h2 style="text-align: justify" id="ethereum-eth">Ethereum (ETH)</h2> 
<p style="text-align: justify">On August 26, the size of open positions in BTC futures exceeded 12 billion dollars. At the time of writing, it had fallen to 11.55 billion dollars. During the fluctuations in the last 24 hours, roughly half a billion dollars of BTC positions were closed. However, the situation is a bit different for Ethereum. The size of open positions, which was 5.25 billion dollars yesterday, climbed to 5.38 billion dollars today.</p> 
<p style="text-align: justify">The increase in OI means that <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are moving more liquidity to Ether. The growing interest here with the decline in BTC may indicate that investors prefer Ether over BTC in hopes of greater gains.</p> 
<p style="text-align: justify">When examining the order book of 20 exchanges through IntoTheBlock, we see that buyer liquidity for ETH is also strengthening in spot markets. The buyer interest surpassing the seller volume, combined with the discrepancy in futures, suggests that ETH could outperform BTC.</p> 
<p style="text-align: justify">Moreover, similar to the BTC ETF process, sufficient time passes after the listing for the ETH ETF as well. This situation could lead to an increase in ETH price, repeating the historical event.</p> 
<h2 style="text-align: justify" id="eth-price-prediction">ETH Price Prediction</h2> 
<p style="text-align: justify">The ETH price, which fell sharply from 3,392 dollars to 2,109 dollars, experienced a sharp downtrend. The consolidation in recent weeks is a nightmare experienced across the market. The key point to watch for ETH is the critical support at 2,556 dollars. This level is also below the fair value of 2,647 dollars according to the CCI. The current price is below the fair value and hovers at 2,579 dollars.</p> 
<p style="text-align: justify">The CCI measures the average price of altcoins for specific periods and determines whether the related cryptocurrency is overvalued, normal, or undervalued. Here, there is a signal in favor of ETH bulls. This was the third important detail supporting the optimistic outlook.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-383701 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/eth-agustos-tahminleri.png" alt="" width="1651" height="842"></p> 
<p style="text-align: justify">If buyers in spot markets become more aggressive, 2,810 dollars can be exceeded again, and we expect a movement targeting 3,000 and 3,360 dollars. However, details such as the resumption of deflation, the generally dull third quarter, and the negative divergence of crypto in risk markets make it difficult to be confident in the rise.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-receives-etf-approval-with-strong-support-from-financial-giants/" data-wpel-link="internal">Ethereum Receives ETF Approval with Strong Support from Financial Giants</a></h5>
<p>The post <a href="https://en.coin-turk.com/ethereum-receives-etf-approval-with-strong-support-from-financial-giants/" data-wpel-link="internal">Ethereum Receives ETF Approval with Strong Support from Financial Giants</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Ethereum Receives ETF Approval with Strong Support from Financial Giants

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