Traders suggest that Ether’s price fall to $3,209 has now put it in “buy” territory but warn that it may not last once the “tremendous” impact of exchange-traded funds (ETFs) comes into effect.&nbsp;
“There are 2 major zones to buy,” pseudonymous crypto trader Sheldon The Sniper told their 490,300 X followers in a July 24 <a href="https://x.com/Sheldon_Sniper/status/1816234189500604739" target="_blank" rel="noopener nofollow">post</a>. He pointed to $3,300 and below as the current buy zone and added that the $3,097 buy zone has already passed.
Sheldon further <a href="https://cointelegraph.com/news/ethereum-etf-price-sensitive-inflows-for-days-kaiko">predicted that Ether could reach</a> $4,000 “in the next week or two,” reiterating two entry points as the “ones you ride to the next all-time high breaks.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/f72e32b0-9852-4a29-bcb8-25a9cb10dc6c.png" alt="Traders see ETH’s $3.2K pullback as a ‘buy’ while ETFs build steam" title="">
 <figcaption style="text-align: center;">
 Ether dropped 7.68% from $3,469 in the 24 hours to 5:50 pm UTC on July 24. Source: CoinMarketCap
 </figcaption>
</figure>
Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) is trading at $3,209 at the time of publication at&nbsp;5:50 pm UTC, down 7.68% over the past 24 hours,&nbsp;<a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
The price has dipped another level below the closely watched $3,500 mark. Ether has fluctuated since the debut of spot Ether ETFs, which saw&nbsp;<a href="https://cointelegraph.com/news/ethereum-etf-inflows-106-million-first-day-trading">$106 million in net inflows</a>.
However, futures traders were expecting a larger price drop after the debut of Ether ETFs. The 7.68% decline liquidated $42.53 million in short positions, along with just $2 million in long positions, <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">according</a> to CoinGlass data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/178a37fa-e250-4bcc-b9ef-fd274faabc4d.png" alt="Traders see ETH’s $3.2K pullback as a ‘buy’ while ETFs build steam" title="">
 <figcaption style="text-align: center;">
 In the past 24 hours, Ether experienced $9.89 million more in liquidations than Bitcoin. Source: CoinGlass
 </figcaption>
</figure>
<h3 data-ct-non-breakable="true" id="analysts-expect-big-gains-for-ether-s-price">Analysts expect big gains for Ether’s price</h3>
Ether is going to experience “tremendous” price action from ETF inflows, similar to what happened with Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) following the launch of spot Bitcoin ETFs when its price jumped from $40,000 to $70,000 following the launch, Michael van de Poppe <a href="https://x.com/CryptoMichNL/status/1816157060670673127" target="_blank" rel="noopener nofollow">explained</a> in a July 24 analyst note.
Related: <a href="https://cointelegraph.com/news/ether-crypto-traders-price-expectations-spot-eth-etf">ETH traders should ‘expect the unexpected’ after ETF launch</a>
Van de Poppe doesn’t rule out Ether doubling its price soon, either.
“Probably it’s very likely to suspect that a price rally from $3,500 to $7,000-7,500 is on the cards,” he added, predicting that the aftermath of the ETF launch may lead to short-term volatility.
<blockquote data-ct-non-breakable="true">
 “One-two weeks for downward momentum before the real surge of Ethereum toward a new all-time high."
</blockquote>
Swyftx lead market analyst Pav Hundal recently told Cointelegraph he believes the “nearer-term goal” is for Ether to hit its <a href="https://cointelegraph.com/news/ether-crypto-traders-price-expectations-spot-eth-etf">November 2021 all-time high of $4,890</a>.
Magazine: <a href="https://cointelegraph.com/magazine/cryptocurrency-electric-capital-avichal-garg/">Coinbase will not mention ‘crypto’ in five years: Avichal Garg, X Hall of Flame</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Traders see ETH’s $3.2K pullback as a ‘buy’ while ETFs build steam

Зміст

Cointelegraph

Інші статті, опубліковані 25 лип. 2024 р.

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