Hey, guys.
Spot ETFs trading on Ethereum are expected to launch today.
And it's time to do a brief update.
In the last review, the instrument was trading in the 3100 range, we said that the price was likely to be bought back before the launch of ETFs trading and that we should watch for a breakdown of the 3200 zone.
At the moment the price is consolidating under the 3500-3550 zone and there is a need for a volume effort to break this zone as this zone has been saturated with cluster volumes in the past, which is now acting as resistance. In case the price manages to break it, we will see an impulse to the 3800-4000 area.
In June, there was a significant outflow of ether from cryptocurrency exchanges, which in the medium term usually preceded the growth of the instrument.
Medium term everything looks positive for growth, but before the growth starts there may be a false breakdown with a test of the 3200 zone.
Stay tuned,
