Ethereum

Value

Bitcoin

The ETH price remained stagnant as the spot Ethereum ETFs began trading yesterday at 9:30 a.m. NJT. By the close of business yesterday, the total ETF traded volume surpassed $1.1 billion, meeting speculation from ETF analysts. 
Meanwhile, <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> hovers around $66,433 just a day before the start of the Bitcoin conference 2024. Ethereum is weak against Bitcoin, trading at $3,462 at press time, potentially turning the ETF launch into a sell-the-news event. Bitcoin, on the other hand, is receiving a boost as reports indicate that U.S. VP Kamala Harris might be speaking at the Bitcoin Conference in Nashville, which shows that the government might turn its stance on Bitcoin.&nbsp; 
<h2 id="b-eth-price-seeks-4-gains-ahead-of-bitcoin-conference-b">ETH Price Seeks 4% Gains Ahead of Bitcoin Conference&nbsp;</h2> 
<figure id="attachment_209137" aria-describedby="caption-attachment-209137" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-209137" src="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-09.43.58.jpeg" alt="ETH/BTC Price" width="1280" height="539" srcset="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-09.43.58.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-09.43.58-300x126.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-09.43.58-1224x515.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-09.43.58-768x323.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-09.43.58-150x63.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-209137" class="wp-caption-text">
 ETH price chart
 </figcaption>
</figure> 
The ETH/BTC price chart shows a downtrend from the peak in late May, characterized by lower highs and lower lows. The chart indicates a potential falling wedge pattern, typically a bullish continuation pattern. Given the resistance zone around the 50-day and 200-day EMAs, a break below the lower trendline could confirm further downside. 
If the falling wedge resolves to the upside, <a href="https://coingape.com/price/ethereum">Ethereum price</a> may gain against BTC and surge as high as 0.0545 BTC to test the upper trend line. A break higher may catapult the ETH price to 0.0574 BTC, which coincides with the next major resistance. 
Conversely, if bears push the price lower, 0.0511 BTC presents a zone of robust resistance-turned-support.&nbsp; 
<a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/">Ethereum price forecast</a> shows the asset trending below the 50-day (0.0531 BTC) and 200-day SMA (0.0534 BTC), which provides immediate resistance for the asset pair. 
The <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/">BTC price forecast</a> Relative Strength Index (<a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a>) is around 45, indicating neutral momentum with a slight bearish bias. The RSI 14-day SMA (yellow) is offering resistance, which may make Ethereum’s price slide lower as bullish momentum decreases.&nbsp; 
A volume spike accompanied the launch of Ethereum ETF trading on July 23. The price consequently increased by 3.71% but has retracted after meeting resistance at the 50-day and 200-day EMAs. 
<h2 id="b-is-bitcoin-conference-upstaging-ethereum-etf-launch-b">Is Bitcoin Conference Upstaging Ethereum ETF Launch?</h2> 
The spot Ethereum ETF received massive hype and speculation weeks before its launch. Grayscale is the largest ETH ETF, with $8.6 billion in net assets.&nbsp; 
However, data from <a rel="nofollow" href="https://sosovalue.xyz/assets/etf/us-eth-spot">SoSo Value</a> shows Grayscale has had $484 million in outflows since the ETF launched. Nevertheless, the cumulative net inflow was a positive $106.78 million, cementing a successful first day of trading.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 According to Bloomberg analyst James Seyffart, the first day of the 7 spot ETH ETFs had a total inflow of $107 million and a total trading volume of over $1.1 billion, of which BlackRock ETHA had an inflow of $266.5 million, Bitwise ETHW had an inflow of $204 million, and… 
 — Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1815959264516792526?ref_src=twsrc%5Etfw">July 24, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The mediocre performance of Ethereum may be attributed to the upcoming Bitcoin 2024 conference. The confluence of market-impacting events may have interfered with the speculated impact of the ETF launch.&nbsp; 
<h2 id="b-bottom-line-b">Bottom Line</h2> 
Despite the significant trading volume of over $1.1 billion in Ethereum ETFs, the ETH price has struggled to breach the $3,500 threshold. This suggests that high trading volumes don’t always translate directly into price increases. Following a successful first day of ETF trading, Ethereum price eyes a meager 4.2% against Bitcoin in the short term.&nbsp; 
The post <a href="https://coingape.com/markets/eth-btc-price-analysis-why-eth-price-cant-break-3500-despite-1-1b-etf-volume/">ETH/BTC Price Analysis: Why $1.1B ETF Volume Isn’t Pushing ETH Price Past $3,500</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

ETH/BTC Price Analysis: Why $1.1B ETF Volume Isn’t Pushing ETH Price Past $3,500

Innholdsfortegnelse

Coingape News Media

Andre artikler publisert på 24. juli 2024

Here's Why Ethereum Didn't Skyrocket on ETF Launch

New Memecoin Pepe Eats Solana Will Rally 19,000% Before Exchange Listings, As SHIB and DOGE Lag

US Releases PMI Data Affecting Bitcoin

New crypto presale goes viral; XRP up 30%, Whales bag over 60m DOGE

Words of Praise About This Altcoin from Franklin Templeton, Who Manages 1.5 Trillion Dollars!

Light & Shadow Introduces Crypto Features and Benefits for Real Estate Investors

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!