Ethereum

bullish

Future

<p>The post <a href="https://coinpedia.org/news/ethereum-news-will-eth-etf-surge-push-eth-price-above-3500-in-august/">Ethereum Price Rallies After ETF Debut: Is $3500 Target Next?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>On July 22, Ethereum ETFs launched with a bang, racking up over $4 billion in trading volume within their first week. This remarkable start hints at a possible boost for ETH prices.</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">The new Ethereum ETFs after the first week saw US$1.18bn of inflows, although the massive outflows from incumbent Grayscale have meant a net outflow of US$338m. <a href="https://t.co/LdjLcuQSmF">pic.twitter.com/LdjLcuQSmF</a></p>— James Butterfill (@jbutterfill) <a href="https://twitter.com/jbutterfill/status/1817821404101832798?ref_src=twsrc%5Etfw">July 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>As the market turns bullish, what’s next for Ethereum?</p> 
<h2 class="wp-block-heading" id="h-current-market-scenario-nbsp"><strong>Current Market Scenario&nbsp;</strong></h2> 
<p>Following the ETFs’ debut, Ethereum’s price dropped by 13.37% from July 22 to July 26 as traders cashed in on profits. However, the sentiment shifted sharply on July 27 after Donald Trump’s supportive speech at the Bitcoin Conference 2024 in Nashville. His words sparked a bullish turnaround, and by July 29, ETH had risen above $3,345, showing an 8.74% increase in just three days.</p> 
<p>IntoTheBlock reports that the strong debut of all nine Ethereum ETFs, with a combined trading volume of $4.05 billion, has brought fresh liquidity to the Ethereum market. This influx, along with growing investor interest, suggests ETH could soon challenge the $3,500 resistance level.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Despite decreasing <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> prices, large transaction volume reached a monthly high following the ETFs release, indicating institutional demand. <a href="https://t.co/AjhKuWyPnK">pic.twitter.com/AjhKuWyPnK</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1817213572981698902?ref_src=twsrc%5Etfw">July 27, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-historical-pattern-nbsp"><strong>Historical Pattern&nbsp;</strong></h2> 
<p>Despite the positive momentum, the first week saw mixed results. ETH dropped before its recent rise—a pattern historically linked to bullish trends. This resembles Bitcoin’s post-ETF dip in January, which was followed by a significant rally. If history repeats, Ethereum might see similar growth in August after Bitcoin’s February rally to new highs.</p> 
<h2 class="wp-block-heading" id="h-what-the-technicals-are-telling-us"><strong>What the Technicals Are Telling Us </strong></h2> 
<p>Technical indicators are also looking optimistic. The Ichimoku Cloud points to a possible upward trend, with ETH aiming to break through resistance levels at $3,349 and $3,500. If successful, ETH could climb toward $3,800. On the other hand, the Choppiness Index (CHOP) at 47.80 suggests a short-term correction might be coming, indicating a potential trend shift. The market is consolidating, with support levels at $3,226 and $3,278 serving as key baselines.</p> 
<p>The Relative Strength Index (RSI) is above 50, and its average trendline shows a potential positive crossover, suggesting that ETH could continue to gain value this week.</p> 
<h2 class="wp-block-heading" id="h-open-interest-is-picking-up"><strong>Open Interest Is Picking Up </strong></h2> 
<p>Ethereum is trading close to $3,400, marking a 4.8% increase in the past 24 hours. Recent data from CryptoQuant shows a $1.5 billion rise in ETH open interest over the last three weeks, indicating more leveraged trading. This increase in open interest often leads to higher volatility and possible liquidations, suggesting that ETH might face significant fluctuations in the coming week.</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"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> Open Interest data has increased by approximately $1.5 billion in the last 3 weeks<br><br>“As leveraged trading increases, liquidations become inevitable. This, in turn, brings high volatility. Therefore, I believe that OI is one of the data points that needs to be closely… <a href="https://t.co/XTNz8sDuZU">pic.twitter.com/XTNz8sDuZU</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1817832835056611657?ref_src=twsrc%5Etfw">July 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p><strong>The crypto community stands at the brink of a year filled with anticipation. Will ETH hit a New ATH in August? We’re excited!</strong></p>

Ethereum Price Rallies After ETF Debut: Is $3500 Target Next?

Indice dei contenuti

CoinPedia News

Altri articoli pubblicati su 29 lug 2024

These Major Events are Going to Shake Up the Crypto Market This Week!

Hong Kong Set to Launch Asia’s First Bitcoin Futures Inverse Product: What it Means for Traders

ZKX Unveils ‘Isolated Funds’ to Minimize Losses for Users

JITO Foundation Releases Code for Jito Restaking on Solana

An overview of current news in the crypto space

SHIB and Pepe Holders Jump on Raboo’s Moonwagon Poised To Place Top 20 This Year!

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!