Ethereum trades in $3.4K, up by 11.59% over the past week.
ETH’s fear and greed index stays at 59, suggesting greed sentiment in the market.
The crypto market anticipates the impact of spot Ethereum ETFs launch on the momentum it is currently experiencing. After a week of bearish signals along with brief recovery rallies, ETH continues to trade within the $3.4K level.
Earlier this week, Grayscale announced a waiver fee strategy, waiving fees on inflows up to $2 billion. This decision contrasts with the firm’s initial 2.5% fee for its primary Ethereum ETF. Currently, the Grayscale Ethereum Mini Trust plans to charge 0.15%, the lowest fee among all issuers. Other ETF issuers have already announced their percentiles as well.
Over the last 24 hours, ETH recorded a decline of 1.15% to trade at $3,401. As per experts’, the potential trading approval of 10 Ethereum ETFs, including VanEck, Fidelity, and Grayscale is expected next week. How will the price of ETH react with the onset of ETF trading — will it rise or fall?
Will ETH Follow the Bears or Bulls?
While analysing the monthly ETH chart, the asset’s price was down by 3.84%, and over the past week, the asset has shown a surge of 9.93%, from $3,052 to $3,515. Currently, the asset traded at $3,401, with the highest and lowest prices traded at $3,489 and $3,372, respectively. The market cap stays at $409 billion. Meanwhile, the daily trading volume has a minute spike of 0.12%, to $15.42 billion, as per CoinMarketCap.
Meanwhile, the daily relative strength index (RSI) stands at 55.80, indicating that ETH is in the neutral zone. The short-term 9-day moving average (9MA) is noted at $3,413, and the 21-day moving average (21MA) stays at $3,239. Thus, the asset is moderately in the bullish momentum, as both MA’s are seen below the current price action.
ETH Price Chart (Source: TradingView)
If the Ethereum price goes up, and it surpasses the initial key resistance of $3,671, it can further go up to the level of $3,893. On the contrary, if ETH couldn’t climb above the initial resistance, it may drop to $3,239. More loss in price might take the asset into the range of $2,992.
Lookonchain reported that WazirX has approximately $230 million in assets, with 15,298 ETH worth $52.5 million noted. The hacker has converted all of the stolen altcoins into Ethereum (ETH). The hacker now holds more than $201 million in Ethereum.
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