Ethereum Whales Take Over, ETH Stuck Below $3,500: What’s Going On?
25 Juillet 2024 - 1:30AM
NEWSBTC
Ethereum prices are stable at spot rates, moving horizontally even
after the United States Securities and Exchange Commission (SEC)
approved the list and trading of spot Ethereum ETFs on July 23.
Ethereum is trending below the crucial resistances at $3,500 and
$3,700 at press time. However, buyers have kept prices above $3,300
as price action moves horizontally. Though there are expectations
of volatility, reading from options data, now that spot Ethereum
ETFs are available for trading, one analyst picked out a critical
development that might affect the BTC-ETH dynamic. Ethereum Whales
Taking, ETH Outperforms BTC In a post on X, Santiment data reveals
an uptick in whale activity ahead of the spot Ethereum ETF in the
United States. The analytics platform said multiple high-value ETH
transfers have outpaced those ordinarily seen on Bitcoin and USDT
since July 17. Related Reading: Institutional Adoption Accelerates
For Solana as Hamilton Lane Launches Blockchain-Native Fund The
unusual increase in this kind of transfer could show growing
confidence in Ethereum and ETH’s long-term prospects. This has even
been accelerated with another crypto derivative product, providing
an alternative to Bitcoin. Looking at the ETHBTC price chart, it is
evident that ETH bulls have the upper hand. After the drop in late
June, the coin continues outperforming Bitcoin, sharply rising on
July 23. Evident in the daily chart, there is a double-bar bullish
formation signaling the presence of ETH buyers keen on funneling
capital and extending gains. ETH is finding support at the 50%
Fibonacci retracement level of the May 2024 trade range, confirming
the uptrend. Even so, for May buyers to take charge, bulls must
clear 0.057 BTC, setting the base for further gains toward 0.08 BTC
recorded in 2022. Over $1 Billion Worth Of Spot ETF Shares Traded
Inflows into spot ETFs will fuel the bull run. As seen in Bitcoin,
price performance will largely depend on interest from
institutional players. Barely 24 hours after the product launched
in the United States, various issuers bought $1.1 billion of ETH.
Inflows will likely rise when ETH prices break above the immediate
resistance level, ideally last week’s high and $3,700. As prices
stall for now, the launch of this product, a Bitwise analyst said,
cements Ethereum’s role as a foundational technology in web3.
Related Reading: Is The US Emulating Germany? $4 Million Bitcoin
Movement Raises Questions As seen from the rapid growth of the
digital economy, Ethereum, the Bitwise analyst added, will see the
smart contracts platform catalyze development. Feature image from
Canva, chart from TradingView
Flow (COIN:FLOWUSD)
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