Ethereum

Future

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/investors-expect-ethereum-etf-approval-to-drive-growth" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investors Expect Ethereum ETF Approval to Drive Growth</a><br></p>
<p style="text-align: justify">The anticipated approval of Spot Ethereum (ETH) Exchange-Traded Funds (ETFs) did not result in the expected rally for ETH and other altcoins. Investors were hopeful for a different outcome, but there remains potential for an ETH rise following the approval of <a href="https://en.bitcoinhaber.net/bitcoin-sets-sights-on-major-milestone-analyst-projects-100000-value-by-2025" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) ETFs. Recent ETF <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> is showing promising trends.</p>
<h2 id="spot-eth-etf-developments">Spot ETH ETF Developments</h2>
<p style="text-align: justify">After two weeks, Spot ETH ETFs experienced positive net inflows for the first time. Out of nine different ETH ETFs, Grayscale’s ETHE had consistent net outflows similar to their GBTC counterpart. Earlier predictions indicated that the sales for GBTC would soon taper off, and Grayscale officials confirmed that the steady sales have indeed ceased.</p>
<p style="text-align: justify">Although ETHE sales outpaced GBTC, the negative market sentiment contributed to the outflows. Since August 14, ETHE outflows have slowed, leading to the first net inflow in the ETH ETF channel. Ether ETFs, which were introduced on July 23, witnessed $2.5 billion in net outflows during their first month.</p>
<h2 id="future-of-eth-price">Future of ETH Price</h2>
<p style="text-align: justify">Since the launch of ETH ETFs, the price of ETH has dropped by 25%. On the day of the ETF approval last month, ETH’s price peaked at $3,441 but has since fallen to around $2,560. Nevertheless, the annual price has increased by 13%.</p>
<p style="text-align: justify">By mid-February, 75% of new BTC investments were funneled through the ETF channel. If net inflows continue in the ETH ETF channel, increased demand might trigger a new phase of price growth. Nansen analyst Aurelie Barthere identifies $2,700 as a significant resistance level.</p>
<h2 id="key-investor-insights">Key Investor Insights</h2>
<p style="text-align: justify">Concrete and valuable insights for <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> include:</p>
<ul>
 <li>Monitoring the $2,700 resistance level to gauge potential price movements.</li>
 <li>Understanding that surpassing this resistance could result in liquidating $362 million in short positions.</li>
 <li>Recognizing the potential for significant price increases if demand strengthens or if there is a rapid BTC rally.</li>
</ul>
<p style="text-align: justify">Coinglass data suggests that surpassing the $2,700 resistance would clear a vast amount of short positions, intensifying the risk for short sellers. If market stagnation ends, ETH could see movements above $3,000 by October. However, a quicker rise would require stronger demand in the ETH channel or a sudden BTC rally.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/investors-expect-ethereum-etf-approval-to-drive-growth" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investors Expect Ethereum ETF Approval to Drive Growth</a></h5>

Investors Expect Ethereum ETF Approval to Drive Growth

Table of Contents

BH NEWS

Other articles published on Aug 29, 2024

Pig Butchering Scams Are Increasingly Common: Chainalysis Report

Pepe Coin (PEPE), Shiba Inu (SHIB), MoonTaurus (MNTR): 3 Meme Coins That Will 10x Your Portfolio ...

Toncoin’s Six-Month Support Strengthened by CEO’s Release: Higher Prices Ahead?

The Future of GameFi: DigiHorse Empires

Toncoin (TON) Rebounds 6% As Pavel Durov Gets Bail In France

Emmanuel Macron said he never invited Pavel Durov to France

Join our free newsletter for daily crypto updates!