The post Ethereum ETFs Surge with $4 Billion Trading Volume—Analysts Predict Bullish Breakout! appeared first on Coinpedia Fintech News
Since the launch of Ethereum ETFs on July 23, which saw over $4 billion in trading volumes during its first week, Ethereum’s price action has shown significant improvement. Meanwhile, the US-listed spot Ethereum ETF has seen positive daily fund flows of $33.6 million for the first time, following a drop in outflows from the Grayscale Ethereum Trust.
With Ethereum ETF’s inflow surging crypto analyst Michael van de Poppe is optimistic about Ethereum’s price potential if key resistance levels are surpassed.
Bullish Level for Ethereum
According to Michael van de Poppe, a renowned crypto analyst, the Ethereum ETF’s recent performance has marked a turning point.
“For the first time, since the launch of the Ethereum ETF, the price has rallied back upwards during U.S. hours,” van de Poppe tweeted earlier today. He emphasized a pivotal price level of 0.0515 BTC (Bitcoin) as a crucial indicator for future price movements.
For the first time, since the launch of the #Ethereum ETF, price rallied back upwards during U.S. hours.Crucial levels are 0.0515 BTC. If that breaks, it's party time.Strong first signs of the week. pic.twitter.com/DysOtKMQpJ
— Michaël van de Poppe (@CryptoMichNL) July 30, 2024
If Ethereum can surpass this resistance level, van de Poppe suggests that the cryptocurrency could pay the way for a bullish rally. Traders are expecting a significant outcome this week, especially with the recent excitement following the approval of the Ethereum spot ETF.
Supporting this optimistic outlook, on-chain data from Santiment highlights the growing interest in Bitcoin, Ethereum, and Solana. This data shows that these three assets are attracting much more attention compared to sectors like meme coins.
The crypto community has shown an increased focus on Bitcoin, Ethereum, and Solana compared to meme coins and other sectors. Crypto's consistent rises occur most often when there is a focus on top caps (a sign of caution) rather than more speculative assets (a sign of greed). pic.twitter.com/vitzlEphAI
— Santiment (@santimentfeed) July 29, 2024
Ethereum Poised for Bigger Swings than Bitcoin
Recent insights from QCP Capital, a global digital asset trading firm, suggest that Ethereum is now showing greater price fluctuations compared to Bitcoin. The firm reports that Ethereum’s volatility premium over Bitcoin has increased to 8%, up from 4% last week.
QCP Capital reports that this widening gap indicates that Ethereum may experience more significant price swings than Bitcoin. As a result, there could be more opportunities for investors looking to capitalize on Ethereum’s market movements.
Further analysts at QCP Capital say that even with recent market changes and big moves in Bitcoin by the US government, Ethereum has held its ground better than Bitcoin.
