Ethereum’s rebound from the $2,820 zone indicates positive market sentiment.
The launch of Ethereum ETFs in Hong Kong attracted impressive inflows, totaling $292 million on the first day.
Amidst a challenging period for cryptocurrency markets, Ethereum has witnessed a notable resurgence, propelled by the launch of Ethereum-focused exchange-traded funds (ETFs) in Hong Kong. The recent surge in Ethereum’s price trajectory followed a dip below the critical $3,000 mark, mirroring Bitcoin’s downward trend.
The Hong Kong spot market welcomed the introduction of Ethereum ETFs with a significant influx of $292 million on its first day, signifying a substantial investor interest in the digital asset. The newly minted Hong Kong ETFs, with a recorded $8.5 million on their debut, have emerged as a focal point for cryptocurrency enthusiasts in the region.
Experts are cautiously optimistic about the future of Ethereum ETFs in Hong Kong, despite the dominance of U.S.-based Bitcoin ETFs. With a trading volume of HK$87.58 million ($12 million) on day one, Ethereum ETFs signal growing interest in digital assets in Asia.
Will Ethereum (ETH) Surge Further?
Despite Ethereum’s resurgence, marked by a rebound from the $2,820 zone, challenges persist as the digital currency faces resistance near the 100-hourly simple moving average. Currently trading at $2,988, Ethereum is poised to confront immediate hurdles at the $3,050 level, with the $3,150 threshold looming as a significant barrier.
However, Ethereum‘s failure to breach the $3,050 resistance level could catalyze another downward spiral, with initial support resting at the $2,780 mark. A breach below this level could potentially trigger a bearish trend towards the $2,600 and $2,450 zones.
