🚨🚨Ethereum has gained significant upward momentum in the cryptocurrency market🚨🚨
One of the main factors behind this rise was the success of Ethereum ETFs launched on July 23. The introduction of ETFs increased investor interest in Ethereum and positively affected the price of ETH
Optimistic comments by famous crypto analyst Michael van de Poppe were also among the factors supporting Ethereum's rally. Van de Poppe stated that a major bullish rally could begin if Ethereum breaks the 0.0515 BTC level, which is an important technical resistance. These comments show that confidence in ETH is increasing in the market and investors are starting to see its potential.
With the entry of Ethereum ETFs into the market, the large fund flows seen in the US-listed spot Ethereum ETF attracted attention. Following outflows from the Grayscale Ethereum Trust, over $4 billion in trading volume was recorded in the ETF's first week. This shows that Ethereum is increasingly adopted and in demand among institutional investors Ethereum recent developments and their impact on the market
Santiment's on-chain data also highlights the growing interest in Ethereum, Bitcoin and other major crypto assets. This data shows that Ethereum is performing strongly not only with its price, but also with its user engagement and transaction volume. This allows Ethereum to maintain its leading position in the cryptocurrency market.
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