$ETH $ETC Ethereum ETFs Launch: Over 1 Billion US Dollars in Trading Volume

On July 23, 2024, the newly launched Spot Ethereum ETFs exceeded the $1 billion mark on the first day of trading. Although this is a notable success, the price of Ethereum did not show a significant increase.

However, experts are optimistic and expect that the Ethereum price could potentially rise sharply in August, analogous to Bitcoin’s developments earlier this year. In the first 15 minutes after trading began, the ETFs reached a volume of $120 million, while ETH settled at $3,478.30 with a moderate increase of 1% within 24 hours.

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Analysts suspect that Ethereum could follow a similar pattern to Bitcoin, which initially saw good ETF trading volumes but without an immediate price increase. “Bitcoin took a few weeks to gain momentum and over a month to reach an all-time high. Ethereum could see a significant surge in August,” explains an industry insider.

Before the launch, analysts were already bullish, and the first day’s activity confirmed their expectations. They expect ETH to need to break the resistance area around $3,730 to see a significant price increase. Andrew Kang pointed out the risk of a possible drop after the launch, as Bitcoin could outperform in the short term.#TONonBinance #XRPVictory #MarketDownturn #SahmRule #BlackRockETHOptions $BNB