Can Ethereum Meet Traders’ Bullish Expectations?

4 months ago 1

ARTICLE AD BOX

Ethereum’s price remains volatile, potential retracement to $2,882 if bearish.
Large holders accumulated 112.9k ETH, surpassing ETF inflows.

The crypto market witnessed a significant milestone as spot Ethereum began trading on Tuesday, following weeks of back-and-forth on registration statement edits. According to Sosovalue data, spot ETH ETFs recorded inflows within the first 24 hours of trading. While the ETF greenlight was expected to spark a bull run, the bears took over, pushing the price below $3.38K.

Ethereum is down 1.98% in the past 24 hours, with the price trading at $3,455.30. Trading volume has increased by 2.8%. History repeats itself, as seen with Bitcoin [BTC] ETFs, which demonstrated heavy demand for the cryptocurrency; the same is expected for ETH. Notably, BlackRock’s ETH ETF (ETHA) exhibited the highest inflows, recording $266.55 million in one-day net inflows as of July 23. The ETF holds total net assets worth $277.08 million, leading the ETH ETF sector.

In the past seven days, despite a drop in ETH prices yesterday, large holders accumulated 112.9k ETH. It valued at nearly $390 million. This accumulation notably surpasses the $106 million net inflows to the ETF.

In the past 24 hours, Ethereum whales made significant moves: 6,016 ETH worth $20 million was transferred from an unknown wallet to a beacon depositor, 6,836 ETH worth $23 million was transferred from Coinbase Institutional to an unknown wallet, and 9,430 ETH worth $32 million was transferred from an unknown wallet to Coinbase.

Should Investors Be Aware Of ETH Bears?

Ethereum’s recent price action reflects a slippery bullish trend, highlighted by recent highs breaching the $3,560 resistance level, with the potential to test $3,621 soon. However, the daily Relative Strength Index (RSI) at 55 indicates a neutral position.