Archive for the ‘Ethereum’ Category
Ethereum tops $3.3K as analysts tip ETF approvals this week – Cointelegraph
The price of Ether has topped $3,300 amid anticipation that spot ETH exchange-traded funds (ETFs) could launch as soon as the end of this week.
Ether (ETH) is currently trading at $3,331 and has rallied 16% from a price of $2,909 in the last week, per TradingView data.
Nate Geraci, ETF analyst and president of The ETF Store, took to X with his forecast that the roster of eight spot ETH ETFs will have launched by the end of this week.
Welcome to spot ETH ETF approval week. Dont know anything specific, just cant come up [with] good reason for any further delay at this point, wrote Geraci in a July 14 X post.
In line with Geraci, an anonymous source close to the proceedings told Cointelegraph on July 12 that the spot ETH funds were expected to launch by the end of this week.
Several issuers including VanEck and 21Shares filed amended registrations last week in hopes of receiving the SECs final signoff to begin listing spot Ether ETFs.
Many analysts tip the launch of the ETFs as a major catalyst for the price of ETH in the coming months.
Related: Spot Bitcoin ETFs see highest flow day in over 5 weeks
Tom Dunleavy, a managing partner at crypto investment firm MV Global, told Cointelegraph that he expects the funds toattract up to $10 billion in new inflows in the months following their launch, something that will see Ether prices surge to new all-time highs by the end of this year.
Dunleavy also said, contrary to popular opinion among other ETF analysts, that Ether ETFs would be an easier sell to Wall Street compared to Bitcoin ETFs.
We believe that there will be strong buy pressure with a much more clear narrative that traditional investors can understand. ETH has cashflows. It can be described as a tech stock, the app store of crypto, or an internet bond, Dunleavy wrote in a Q2 investor note given to Cointelegraph.
He added that ETHs price action which has lagged relative to Bitcoin (BTC) for the last 18 months would rebound quickly following the launch of the funds.
Magazine:Ethereums recent pullback could be a gift: Dynamo DeFi,X Hall of Flame
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Ethereum tops $3.3K as analysts tip ETF approvals this week - Cointelegraph
Spot Ethereum ETFs are coming, but ETH derivatives markets are flat – Cointelegraph
Etherprice rallied 12.5% between July 12 and July 15, but strong resistance at $3,500 halted the bullish momentum. The subsequent correction down to $3,400 on July 18 occurred despite the United States Securities and Exchange Commission approving two additional spot Ethereum exchange-traded funds (ETFs). Despite this positive development, Ethers derivatives market has shown little excitement.
The SEC reportedly gave preliminary approval to at least three issuers to begin trading spot Ether ETFs on July 23. A total of eight spot Ether (ETH) ETFs are awaiting final regulatory approval after amendments to the funds S-1 filings.
Bitwise Chief Investment Officer Matt Hougan expects Ethers price to reach $5,000 by the end of 2024, citing its low equivalent inflation rate, lack of significant cost for validators, and 28% supply locked in staking.
Given the total crypto market capitalization gained 43% year-to-date in 2024, it is puzzling why Ethers investors lack bullishness, despite the spot ETH ETF momentum. Furthermore, volumes on Ethereum decentralized applications (DApps) rose 7% in the last 30 days to $221 billion, according to DappRadar data. In comparison, competitor BNB Chain saw a 25% decline in activity, while Solana experienced a 16% drop in volumes.
In terms of DApps deposits, the Ethereum network remains the leader with 17.5 million ETH in total value locked (TVL), equivalent to $59.8 billion, according to DefiLlama data. This metric remained flat from the prior month, while competitors Solana and BNB Chain hold approximately $4.8 billion each.
Additionally, activity in Ethereums layer 2 ecosystem increased, with the aggregate native TVL rising by 8.5% over the past 30 days to $14 billion, according to L2Beat data. Thus, Ethereum onchain data shows no signs of weakness.
From a macroeconomic perspective, the latest US Producer Price Index was 2.6% above the prior year, slightly above the market consensus of 2.3%. This indicates that the US Federal Reserve (Fed) still has work to do to curb inflation, meaning price pressure will continue to hurt demand for a while.
Moreover, Chinas disappointing 4.7% yearly gross domestic product growth could spell trouble for global stock markets.
Additionally, the US Department of Labor reported 243,000 initial jobless claims were filed in the week ending July 13, the highest level since August 2023. The signs of a cooling labor market increase the odds of the US Fed cutting interest rates over the next couple of months, according to Goldman Sachs chief economist Jan Hatzius, as reported by Yahoo Finance.
There is no indication that investors are exiting risk markets, which is evident as the S&P 500 index is only 2% below its all-time high from July 16. Meanwhile, Ethers price needs to gain 43% to surpass the $4,868 mark set in November 2021.
To assess whether crypto traders are gaining confidence, one should analyze the Ether futures premium. In normal markets, these contracts should trade 5% to 10% higher than regular spot markets to account for their extended settlement period.
Related: Bitcoin ETFs have 4-8X more BTC price influence than miners Research
The Ether fixed-month contracts annualized premium, or basis rate, currently stands at 11%, indicating moderate optimism. However, this indicator has not sustained levels above 12% for the past month, which is somewhat concerning given the potential inflows from the upcoming spot ETF launch in the US. For comparison, Bitcoins (BTC) basis rate also stands at 11%, indicating there is no excessive bullishness among Ethereum investors.
Ether bulls might argue that the current lack of confidence leaves room for a surprise if the expectation of strong spot ETF net inflows is confirmed. Still, given that Ethers price failed to rally despite a bullish scenario for risk-on assets, the ETH derivatives metrics point to investors lack of appetite, making a bull run above $4,000 less likely.
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.
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Spot Ethereum ETFs are coming, but ETH derivatives markets are flat - Cointelegraph
Ethereum ETFs to launch July 23, Bloomberg analyst says – Crypto Briefing
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The starting date for spot Ethereum exchange-traded fund (ETF) trading in the US is July 23rd, according to Bloomberg ETF analyst Eric Balchunas. He shared on X that the SEC is answering issuers today, asking them to return their final S-1 forms on Wednesday, July 17th.
And then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course, he added.
The Ethereum ETF issuers filed their S-1 forms on July 8th but most of them left the fees out of their forms. According to Balchunas, this is likely a strategy from the asset managers to check how competitive the funds fees are, especially BlackRocks.
Notably, the S-1 form is an initial registration required by the US Securities and Exchange Commission (SEC) before a security can be publicly traded.
As highlighted by Balchunas fellow ETF analyst James Seyffart, this could mean that the Ethereum ETFs will start trading the same week as the Bitcoin Conference, set to happen in Nashville.
The launch of the spot Ethereum ETFs is a key step for crypto adoption by mainstream investors, as it solidifies the altcoin as a sound asset among institutional investors. An estimate by Bitwise CIO predicts that these investment instruments will capture $15 billion in inflows until the end of 2025, as reported by Crypto Briefing.
Moreover, the Ethereum ETFs open the door for the approval of exchange-traded funds indexed to other crypto. VanEck and 21Shares both filed their form for the approval of the first spot Solana ETFs in the US on the last week of June.
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Ethereum ETFs to launch July 23, Bloomberg analyst says - Crypto Briefing
Ethereum Price Prediction as Analyst Says ETH ETF Will Launch 23 July Can ETH Reach $100,000? – Cryptonews
Last updated: July 16, 2024, 00:48 EDT | 4 min read
The cryptocurrency market has always been characterized by its volatility and potential for substantial gains. One recent development that has captured the attention of investors is the advent of spot exchange-traded funds (ETFs), particularly for Ethereum (ETH).
Historically, similar financial products for Bitcoin have led to substantial capital inflows, contributing to significant price increases.
For Ethereum, the introduction of a spot ETF is expected to have a similar, if not greater, impact due to its robust blockchain ecosystem and the variety of applications built on its platform. The market sentiment has been increasingly bullish as regulatory bodies like the SEC move towards approval.
Recent price movements and market activities underpin this optimistic outlook. Institutional investors have been accumulating Ether, taking advantage of recent price dips to establish or expand their positions.
This is evident from the inflows into Ethereum investment products, which have reached their highest levels since March. Such trends suggest the market is gearing up for a potential surge, fueled by the expected influx of new investors through the spot ETF.
Analyst Eric Balchunas shared recently on X (formerly Twitter) that the Spot Ethereum ETF will launch on July 23. This development is poised to be a game-changer for Ethereum, providing a new avenue for investment and potentially driving significant price appreciation.
The ETF is expected to offer a straightforward and regulated way for institutional and retail investors to gain exposure to Ethereum, which could lead to increased demand and liquidity.
The SECs recent communications with ETF issuers, requesting the final submission of S-1 forms, suggest that the regulatory approval is on track.
This follows the May 23 approval of spot Ether ETF 19b-4 filings from eight asset managers, including prominent names like VanEck and Bitwise.
The positive regulatory stance, coupled with the markets anticipation, has already begun to reflect in Ethereums price, which has seen a notable uptick in recent weeks.
Experts believe that the successful launch of the spot Ethereum ETF will mirror the impact seen with spot Bitcoin ETFs, which attracted substantial capital inflows and drove up prices.
Ethereums recent price performance and technical indicators suggest a bullish trend with the potential for significant gains. The price has been nurturing a V-shaped recovery pattern, a bullish signal that indicates a strong rebound after a period of decline.
Currently, Ethereum is trading above the 50-day exponential moving average (EMA) at $3,439, with a rising relative strength index (RSI) positioned at 55, both of which are positive indicators of ongoing bullish momentum.
The approval and subsequent launch of the spot Ethereum ETF are likely to complete this V-shaped pattern, pushing the price toward $4,000.
This prediction is supported by the increasing inflows into Ethereum investment products and the rising open interest (OI) in ETH contracts, which stands at $7.72 billion.
The growth in OI signifies increased market participant exposure to Ethereum, which historically correlates with price increases.
However, reaching higher price targets, such as $100,000, requires considering both market conditions and broader economic factors.
While the current bullish trend and the ETF launch provide a solid foundation for price appreciation, significant milestones like $100,000 would necessitate sustained institutional investment, broader adoption of Ethereums technology, and favorable macroeconomic conditions.
The In/Out of Money Around Price (IOMAP) metric highlights potential resistance levels, with a notable concentration of addresses around the $3,385 price point, which could pose short-term challenges.
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