Days before the Ethereum ETF launch, the cryptocurrency market is focused on this development. While Ethereum is struggling with price corrections, Bitcoin appears to be exhibiting stronger bullish momentum. The cryptocurrency world is closely monitoring the discussions around spot Ethereum ETFs and the possible impact of this launch on the markets.
Different Performances Between Ethereum and Bitcoin
Although the upcoming Ethereum ETF launch has created great excitement among investors, the ETH price has experienced significant declines in the process. Last week alone, Ethereum's value dropped by 12%. However, market data and technical indicators offer some signs that the trend may reverse.
Comparing Bitcoin's performance before the ETF launch with Ethereum's current situation, it appears that Bitcoin is exhibiting stronger upward momentum. Bitcoin had begun to gain value in the months before the ETF launch in January 2024, building great confidence among investors in the process. However, there was a significant decrease in the price of BTC after the launch.
Ethereum's Price Performance and Technical Indicators
Despite the high expectation around Ethereum ETFs, ETH has faced significant price corrections. The decline in ETH's weighted sentiment has shaken investors' confidence. According to Santiment data, investors' view of ETH has been trending negatively recently.
Google Trends data shows that interest in Ethereum ETFs remains stable in the USA, but this interest is not reflected in the price. At the time of this writing, ETH is trading at $3,045.32 with a market cap of over $366 billion.
This decline in ETH's price can be attributed to decreased investor confidence. However, there are some positive signs among technical indicators. The daily chart of ETH shows an increase in the Relative Strength Index (RSI) and a similar trend in the Money Flow Index (MFI) after reaching the oversold zone. These indicators point to a potential upside for ETH.
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Pre-Launch Uncertainty and Expectations
Other technical indicators such as Chaikin Money Flow (CMF) and MACD create uncertainty about the near future of ETH.
As the launch date approaches, the cryptocurrency community will be closely monitoring whether ETH will defy bearish trends and achieve stronger performance. The cryptocurrency world is eager to see whether Ethereum can surpass Bitcoin in this crucial time frame.
