The
long-awaited
Ethereum
Exchange-Traded
Funds
(ETFs)
are
finally
live,
registering
over
$100
million
in
volume
in
the
first
15
minutes.
Investors
expect
to
see
the
launch’s
impact
on
the
crypto
market,
while
some
market
watchers
believe
ETH
ETF’s
performance
will
kickstart
the
Altcoin
season.

Related
Reading

Ethereum
Spot
ETFs
Are
Officially
Live

On
Monday,
the
US
Securities
and
Exchange
Commission
(SEC)
gave
the
final

nod
to
Ethereum
spot
ETFs,
setting
the
launch
date
for
Tuesday,
July
23.
After
the
approval,
investors
raised
the
alarm
following
some
online
reports.

 

Per
Whale
Alert,
Grayscale
has
transferred
$1
billion
in
ETH
to
Coinbase
Institutional.
This
led
many
investors
to
fear
that
the
digital
asset
manager’s
transaction
would
add
selling
pressure
to
the
asset
and
affect
its
price
performance
ahead
of
the
launch.

However,
ETF
expert
Eric
Balchunas

offered
some
relief
to
investors
after
pointing
out
that
Grayscale
didn’t
move
the
tokens
to
dump
them.
The
firm
transferred
the
292,262
Ethereum
“from
$ETHE
to
its
mini-me
=
$ETH.”
Balchunas
considers
it
“a
new
variable
in
this
race
that
we
didn’t
have
in
the
btc
race.”

The
initial
numbers
have
been
released
now
that
the
highly
anticipated
products
are
live.
Balchunas
shared
on
X
that
the
Ethereum
ETFs
saw
$112
million
in
the
first
15
minutes
of
trading.
This
number
increased
to
$361
million
total
after
90
minutes.

The
Bloomberg
expert
praised
the
volume,
calling
it
a
“solid
showing”
regardless
of
being
20-25%
of
Bitcoin
(BTC)
ETFs
numbers.
Despite
the
healthy
performance,
ETH
remains
hovering
between
the
$3,440
and
$3,540
price
range.

 

Are
ETH
And
Altcoins
About
To
Take
Off?

Ahead
of
the
launch,
some
market
watchers
anticipated
that
the
ETFs’
performance
could
kickstart
an
upswing
for

Altcoins.
According
to
several
analysts,
the
Altcoins
chart
shows
similarities
to
the
2016-2017
performance,
suggesting
that
the
Altseason
is
“brewing.”

To
Crypto
Jelle,
“Altcoins
are
still
following
the
traditional
bull
market
preparation
playbook.”
Per
the
macro
chart,
altcoins
broke
from
the
accumulation
zone
and
chopped
around
key
support
levels
during
previous

cycles.

The
“pre-bull
market
consolidation”
was
followed
by
a
take-off
that
propelled
cryptocurrency
prices
to
new
highs.
Jelle
pointed
out
altcoins
are
currently
in
the
consolidation
zone,
similar
to
past
cycles.
He
also
suggested
a
new
take-off
“shouldn’t
take
long”
after
Ethereum
ETFs’
launch.

Crypto
trader
MikyBull
also

highlighted
the
similarities
between
the
previous
cycles,
which
suggest
that
a
“huge
Altseason
is
brewing.”
To
the
trader,
the
recent
“fake
out”
made
investors
believe
that
this
cycle’s
Altseason
“has
been
written
off,”
but
he
expects
altcoins
to
“pull
a
2017
kind
of
explosive”
rally
that
follows
the
same
PA
path.

 

The
trader
considers
Ethereum’s
price
might
be
positively
affected
by
ETH
spot
ETFs.
This
performance
will
be
the
primary
driver
for
the
“huge
rally
in
the
coming
months.”
Additionally,
he
set
a
band
price

target
of
$10,000
for
ETH.

Related
Reading

Other
market
watchers
suggested
that
investors
must
remain
serene
if
a
price
drop
occurs.
Pseudonym
analyst
and
trader
Moustache

called
for
patience
as
“it’s
only
a
matter
of
time.”
“Ethereum
chart
looks
like
it
did
in
the
last
cycle,
just
before
the
Altcoin
bull
market
started,”
he
added.

As
of
this
writing,
the
second-largest
cryptocurrency
by
market
capitalization
is
trading
at
$3,419,
a
1.1%
decline
in
the
last
24
hours.

Featured
Image
from
Unsplash.com,
Chart
from
TradingView.com

Go to Source
Author: Rubmar Garcia

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