The Ethereum ETF launched on July 22 and attracted more than $4 billion in its first week. After the price drop, Trump’s optimistic speech at the Nashville Bitcoin Conference pushed Ethereum above $3,345.

With volumes continuing to rise, $3,500 now seems within reach.

Ethereum ETF raised $4 billion in first week

Ethereum (ETH) has reached a major milestone, with the Ethereum (ETH) exchange-traded fund (ETF) launching on July 22 and seeing a staggering $4 billion in trading volume in its first week. Crypto enthusiasts have taken notice — and the recent surge is all the proof we need.

Ethereum (ETH) initially dropped 13.37% after the launch. After Donald Trump made supportive remarks at the Bitcoin 2024 conference, the price of Ethereum quickly rebounded. As of July 29, the price of Ethereum has risen 8.74%.

Market sentiment turns bullish

Ethereum (ETH) has moved above $3,345 and the sentiment has turned bullish. The key resistance levels are $3,349 and $3,500. Increasing trading volumes and institutional demand could soon propel Ethereum (ETH) to $3,500.

Wall Street's reaction and potential shift

Wall Street’s acceptance of an Ethereum (ETH) ETF has been strong. However, the enthusiasm masks a potential increase in centralization. With financial institutions managing ETFs, individual cryptocurrency enthusiasts could lose influence.

The impact on traditional finance will be huge. As large institutions and individual enthusiasts seek the stability of ETFs, the balance of the market may tilt. This may affect the core principles of cryptocurrency, such as getting rid of intermediaries.

Future Price Prediction

As the Ethereum ETF attracts inflows, price volatility is expected to increase. Technical indicators show a bullish trend with a target price of $3,500 and $3,800 if resistance is broken. Rising open interest and increased community attention may further push Ethereum prices higher.