Ethereum

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/institutional-investors-boost-ethereum-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">Institutional Investors Boost Ethereum Prices</a><br></p>
<p style="text-align: justify">Ethereum has experienced a significant surge in the past 24 hours, driven by evidence that institutional <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> are capitalizing on the dip that began in early July. VanEck and 21Shares have accelerated the momentum with revised filings to the U.S. Securities and Exchange Commission for their Ethereum investment funds.</p>
<h2 id="what-is-happening-with-ethereum">What is Happening with Ethereum?</h2>
<p style="text-align: justify">Ethereum’s value increased by 10.11% on July 9, from the previous day’s low of $2,830 to $3,113. The rise coincided with the release of CoinShares’ weekly report, which revealed $10.2 million inflows into Ethereum-linked investment funds for the week ending July 5.</p>
<p style="text-align: justify">James Butterfill, a researcher at CoinShares, noted that institutional investors viewed the market dip as a buying opportunity, anticipating a continued upward trend in the days or weeks ahead. Meanwhile, VanEck and 21Shares submitted modified versions of their Ethereum ETF filings to the SEC as part of their approval efforts.</p>
<h2 id="ethereum-chart-analysis">Ethereum Chart Analysis</h2>
<p style="text-align: justify">Ethereum’s ongoing rally began after the 50-week exponential moving average (EMA) around $2,788 was tested as support. Historically, this support has limited Ethereum’s downside attempts.</p>
<p style="text-align: justify">The recent reversal helped Ethereum break above the neckline of a dominant double-bottom pattern seen in the four-hour chart, a formation typically considered bullish. Once the neckline resistance is surpassed, the price usually rises by a distance equal to the formation’s depth.</p>
<p style="text-align: justify">Applying the same technical rule to Ethereum’s price places the double-bottom target around $3,300, a 6.40% increase from current levels. Conversely, a drop below the neckline could invalidate the bullish trend, increasing the likelihood of retesting the July low of $2,830.</p>
<h2 id="insights-for-investors">Insights for Investors</h2>
<p>– Institutional interest is driving significant price movements in Ethereum.<br> – The 50-week EMA serves as a crucial support level for Ethereum’s price.<br> – Breaking the neckline of the double-bottom pattern indicates potential for further gains.</p>
<p style="text-align: justify">In conclusion, Ethereum’s recent price rally has been significantly influenced by institutional investors taking advantage of market dips. The involvement of VanEck and 21Shares with revised SEC filings further supports the upward momentum. However, investors should remain cautious, as potential drops below key support levels could invalidate the current bullish trends.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/institutional-investors-boost-ethereum-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">Institutional Investors Boost Ethereum Prices</a></h5>

Institutional Investors Boost Ethereum Prices

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