Published on juli 10, 2024, 12:25 am
Image source: Fox News
```json [ { "TLDR": "Ether surged due to institutional investors buying during a dip in July and optimism from new filings for Ethereum ETFs by companies like VanEck and 21Shares. Price increased by 10.11% to $3,113 on July 9, rebounding from a low of $2,830. Investment funds flowing into Ether despite 14.70% decline earlier. Ether's rise part of broader recovery post hitting support at $2,788, with potential to reach around $3,300 but falling below would nullify bullish expectations." } ] ```
Ether’s recent surge is attributed to institutional investors taking advantage of the dip in early July and renewed optimism stemming from new filings for Ethereum ETFs. The native token of Ethereum, Ether (ETH), has experienced a significant recovery over the past day, with institutional investors seizing the opportunity presented during its dip in early July to amass the second-largest cryptocurrency.
VanEck and 21Shares have both modified their filings for Ethereum exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC), sparking fresh hope in the market. Ether’s price has surged by up to 10.11% to hit $3,113 on July 9, rebounding from its recent low of around $2,830 just a day earlier.
This increase was concurrent with CoinShares’ report indicating that investment funds linked to Ether attracted inflows of $10.2 million in the week ending July 5. Despite a decline of approximately 14.70% during the same period due to various pressures such as Mt. Gox and selling by the German government, institutional investors interpreted this downturn as an opportunity for acquisition.
Regarding ETFs, VanEck and 21Shares are revising their filings aiming for approval this month without specifying an exact launch date on U.S. exchanges but mentioning readiness as soon as feasible post-registration effectiveness.
The ongoing rise in Ethereum is part of a broader recovery that commenced after testing pivotal support around $2,788 marked by the 50-week exponential moving average (50-week EMA). This rebound enabled Ether to surpass the neckline of its double-bottom pattern on the four-hour chart, a bullish reversal indicator where breaking above resistance leads to further upside potential up to around $3,300 according to technical analysis.
However, falling below this neckline could nullify bullish expectations and possibly result in retesting the local low of $2,830 in July. It’s important to note that this article does not offer investment advice or recommendations; investments carry inherent risks requiring thorough individual research before decisions are made concerning financial assets like cryptocurrencies.
Original article posted by Fox News
