Spot Ethereum (ETH) ETF After the approval, the expected impressive ETH and altcoin rise period never started. Investors were aiming for a very different picture. There is still time on the ETH front for the rise that started, albeit late, after the BTC ETF approval. The latest ETF data gives hope.
Spot ETH ETF
Spot ETH ETFs net inflows are positive for the first time in two weeks. Nine different ETH ETFETHE, which was issued by Grayscale from China, was seeing stable net outflows just like GBTC. If you remember, during the BTC ETF process, we were constantly reading analyses saying that GBTC sales were either over or about to end. Grayscale After a while when the officials said that these stable sales would end soon, it happened just as they said. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The sales on the ETHE front were proportionally faster than GBTC, and the negativity in the general market sentiment also fed the outflows. Since ETHE outflows have also slowed down since August 14, we have seen a net inflow in the ETH ETF channel for the first time. Ether ETFs, which entered our lives on July 23, have completed 1 month, and the ETHE ETF has seen a net outflow of $2.5 billion to date.
Since the launch date, the ETH price has fallen by 25 percent. The ETH price, which saw $ 3,441 on the day the ETF approval came at the end of last month, is lingering around $ 2,560. On the other hand, the price has increased by 13 percent annually.
ETH Price Prediction
New applications made until February 15 BTC 75 percent of their investments came from the ETF channel. Now, if we continue to see net inflows in the ETH ETF channel, a new uptrend may begin with the revival of demand here. So how many dollars will the price be? Nansen analyst Aurelie Barthere draws attention to the key $2,700 resistance level.
“$2,700 is the next resistance level for ETH and there is not enough evidence to prove it has been broken yet because the price has not been able to hold above this resistance long enough and with enough volume.”
Coinglass data tells us that if this level is exceeded, $362 million worth of short positions will be liquidated. Of course, this figure does not include stop triggers, investor balance additions, etc. However, this area is risky for short sellers. At the same time, the fact that there is such a high liquidation potential in this area shows how much some investors believe in the decline.
If the summer doldrums pass, new moves above $3,000 could be seen in October. Stronger demand or a fast price move in the ETH channel for an earlier rally BTC rally It is necessary.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
