Ethereum

<ul> 
 <li>Ethereum ETF opened for trading on July 23 with massive volume recorded on day 1.</li> 
 <li>Many analysts believe the ETF hype might push Ethereum’s price toward $4,000 soon.</li> 
</ul> 
The first ever Ethereum (ETH) Exchange-Traded Funds (ETFs) in the US debuted with strong volumes on Tuesday. Although ETH reacted with a muted response, traders are expecting new All-Time Highs (ATHs) above $3,730 soon. 
<h3 id="b-impressive-first-day-numbers-for-ethereum-etfs-b">Impressive First-Day Numbers for Ethereum ETFs&nbsp;</h3> 
Per our <a href="https://www.crypto-news-flash.com/ethereum-spot-etfs-get-sec-approval-up-to-4-billion-inflows-expected/" target="_blank" rel="noopener">earlier report</a>, the spot Ethereum ETF products commenced trading in the US on July 23, a day after receiving approval from the Securities and Exchange Commission (SEC). The issuers approved to trade Ethereum on the Nasdaq, NYSE Arca, and the Cboe stock exchanges include BlackRock, Grayscale, Bitwise, Franklin Templeton, VanEck, Invesco Galaxy, and 21Shares. 
In just 15 minutes of trading, the Ethereum ETF amassed an impressive volume of $112 million. Comparing this figure to spot Bitcoin ETFs first-day performance in January, popular crypto analyst Michael van de Poppe says the Ethereum ETF launch was “heavily undervalued.” 
<blockquote class="twitter-tweet"> 
 The <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ETF has insane numbers. 
 First 15 minutes already 50% of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>‘s first day in terms of volume: $112 million. 
 The Ethereum ETF launch is heavily undervalued and I expect it to trade towards an ATH in the coming 1-2 months. 
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1815749034553864247?ref_src=twsrc%5Etfw">July 23, 2024</a>
</blockquote> 
Fellow market traders like Randy Marcote on the X platform shared the same sentiments with van de Poppe.&nbsp; 
“The Ethereum ETF is off to a roaring start! It seems like investors are really bullish on Ether, with trading volume in the first 15 minutes already hitting 50% of Bitcoin’s first day. That’s an impressive feat,” Marcote highlighted.&nbsp; 
He, however, advised traders to focus on the Ethereum chart. He advised against getting carried away by the hype as the crypto market remains unpredictable. Another market trader, @ModernInvest <a href="https://x.com/ModernInvest/status/1815798336248586447" target="_blank" rel="nofollow noopener">believes</a> Ethereum should be priced at $7,000 following the initial ETF inflows. He opined that retail lacks knowledge of price movement and network usage. 
Meanwhile, Daan Crypto Trades on X describes the initial inflows into Ethereum ETFs as “decent.” However, he forecasted heightened volatility and heavy movements in the crypto market. In an earlier <a href="https://x.com/DaanCrypto/status/1815748954929410334" target="_blank" rel="nofollow noopener">post</a>, Daan Crypto Trades shared a crucial support level for Ethereum to find its way to recovery.&nbsp; 
The analysis postulated in a chart shows Ethereum bulls must break resistance from a stubborn supply zone. This extends from $2,672 to $3,730 to maintain the rise. To this, Ethereum must maintain a steady price of $3,350, according to Daan Crypto Trades. 
At press time, ETH experienced a 1.5% decline in the past day to trade at $3,467, with the market cap standing at $416 billion. The 24-hour trading volume also declined by a nominal 0.83% to $21 billion. 

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 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="ethereum" data-symbol="ETH" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
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<h3 id="b-ethereum-etfs-beat-expectations-b">Ethereum ETFs Beat Expectations</h3> 
According to data compiled by Bloomberg Senior ETF analyst Eric Balchunas, the spot ETH ETFs accumulated $361 million in combined volume within one and a half hours into trading. Individually, these ETFs cleared the $1 million mark on day one, compared to a normal ETF launch which rarely hits this milestone. Overall, the volume traded surpassed $1.1 billion. 
As a group, $361 million volume ranks them about 15th overall in ETF volume, above the top 1% trades like TLT and EEM. Ethereum ETFs’ first-day performance contradicts some analysts tempered expectations.&nbsp; 
As <a href="https://www.crypto-news-flash.com/analyst-ethereum-etfs-will-have-only-10-15-of-trading-volumes-compared-to-bitcoin-etfs/">noted</a> in our earlier post, these analysts forecasted that ETH ETFs might not see the same massive inflows as their Bitcoin counterparts. 
&nbsp;

Ethereum ETFs Launch with Strong Volume; Traders Expect New ATHs Above $3,730 Soon

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Crypto News Flash

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