Ethereum

Bitcoin

Reserve

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum (ETH) experienced a significant price drop despite the anticipated launch of an ETF.</li>
 <li>The decline was more severe than Bitcoin’s (BTC), baffling some market observers.</li>
</ul>
<p>Despite the potential launch of an exchange-traded fund (ETF) by mid-July, <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> wasn’t immune to the current market downturn.</p>
<p>The digital asset, which ranks second in terms of market capitalization, lost over $500 since July 1st. It fell from $3.4K to a low of $2.8K, negating all gains made after partial ETF approval in May.</p>
<p>Ethereum educator Sassal, however, argued that apart from potential outflows from Grayscale’s ETH trust, ETHE, there were no other bearish factors.</p>
<h2 id="eth-s-decline-surpasses-btc-s">ETH’s Decline Surpasses BTC’s</h2>
<p>Despite Sassal’s hopeful outlook, the recent market crash hit ETH harder than <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>. At the time of writing, BTC had decreased by around 11% over the week, while ETH had declined by 14%.</p>
<p>This disproportionate drop surprised some traders, particularly given the upcoming launch of the ETH ETF. Some market analysts suggested that ETH’s steep fall was due to a lack of a compelling narrative. Another observer, Evans, proposed that the market was risk-averse and that potential ETHE outflows could impact the ETH ETF’s prospects.</p>
<h2 id="bearish-sentiment-in-the-market">Bearish Sentiment in the Market</h2>
<p>In the meantime, ETH’s pullback reached the golden zone at the 61.8% Fibonacci retracement level, based on the 2024 lows and highs. Whether this support level holds could be influenced by Bitcoin’s next move.</p>
<p>The risk-averse sentiment among investors was further highlighted by negative outflows in the derivatives market. Since July 1st, ETH has experienced net outflows totaling $4.5 billion, emphasizing the bearish sentiment and potential tepid reception to the ETF launch.</p>
<p>A recent Bloomberg report suggested that the sentiment in the crypto market could only improve if the Federal Reserve becomes more dovish and implements one or two interest rate cuts.</p>

Ethereum’s Path Forward Post-ETH’s Elimination of ‘Pre-ETF Approval’ Profits

Зміст

CoinEagle.com

Інші статті, опубліковані 6 лип. 2024 р.

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