Published on juli 24, 2024, 12:29 am
Image source: Fox News
```json [ "TLDR: Despite a subdued initial reaction, traders are optimistic about Ether's price reaching new highs following the launch of spot ETH ETFs in the US by major issuers. ETFs saw rapid trading volume, with experts impressed by activity. Analysts highlight key price levels for Ether's upward momentum. Investors anticipate significant growth in crypto assets and ETFs post-launch enthusiasm." ] ```
Ether’s price has shown a subdued reaction to the launch of today’s spot ETH ETF, although traders are optimistic about Ether reaching new highs in the near future. Analysts are confident that Ether’s price could surge to record levels in the coming months following the introduction of the first-ever spot Ether exchange-traded funds (ETFs) in the United States. Traders consider these funds to be significantly undervalued.
The spot Ether (ETH) ETFs commenced trading on July 23, a day after receiving final approval from the US Securities and Exchange Commission. Notable issuers such as BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, VanEck, and Invesco Galaxy participated in launching these ETFs. Within just 15 minutes of trading, the ETFs boasted an impressive volume of $120 million.
Experts expressed their astonishment at the rapid activity surrounding the ETH ETF launch. Michaël van de Poppe, founder and CEO of trading firm MNTrading, remarked on Twitter that the ETH ETF displayed staggering numbers with half of Bitcoin’s volume on its first day achieved within just 15 minutes of trading.
Meanwhile, other traders like Daan Crypto Trades characterized the initial flows as promising and projected increased volatility in the crypto market moving forward. Daan Crypto Trades shared a chart outlining key levels that Ether’s price must surpass to facilitate its recovery.
According to analysis provided by various investors and analysts, breaking past a challenging supply zone ranging from $2,672 to $3,730 is crucial for Ether bulls to sustain an upward trajectory. Additionally, maintaining a strong position above $3,350 is seen as vital for Ether’s price momentum.
Despite some fluctuations in prices post-ETF launch activities such as hitting $3,450 per coin recently have invoked enthusiasm among crypto investors like Alessa Mutto who remains very bullish about both crypto assets and ETFs foreseeing potential for significant growth in the years ahead.
Spot Ether ETFs have garnered considerable attention with reported combined trading volumes amounting to $361 million within an hour and a half into trading. Comparisons made with spot Bitcoin ETF launches emphasize how US-based Bitcoin ETFs have witnessed immense success translating into substantial cumulative trading volume over a short period.
It is essential to note that this article does not provide investment advice or recommendations. As with any investment or trading decision, there are inherent risks involved; hence it is advisable for readers to conduct thorough research before making any financial decisions related to cryptocurrencies or investments.
Original article posted by Fox News
