Ethereum
Analyst Predicts Ethereum ETF to Trigger Major Moves in ETH Market
Cryptocurrency Analyst Michael van de Poppe predicts that Ethereum is nearing its lowest point, with upcoming Ethereum ETF news potentially triggering significant market moves. Van de Poppe’s analysis suggests a classic “sell the rumor, buy the news” scenario, leading to large price swings. Ethereum the current price stands at $3,122.79, reflecting a 1.02% increase in the last 24 hours. Its market capitalization is approximately $375.1 billion.
Ethereum ETF News Could Boost Volatility
Van de Poppe believes that the upcoming Ethereum ETF news will have a profound impact on the market. It emphasizes the “Sell the Rumor, Buy the News” strategy, where investors sell assets based on rumors and buy them back when the news is released. This strategy often results in significant price volatility. Despite a 35.12% drop in trading volume to $9.53 billion, Ethereum maintained positive momentum with its price fluctuating between $3,090 and $3,150 over the past 24 hours.
Van de Poppe’s prediction highlights the potential for Ethereum to see a notable price increase once news of the ETF is officially announced. Although he expressed doubts about the approval of Ethereum ETFs in May, he suggested that the SECOND postpone the approval process rather than reject applications outright. This delay could shift market attention to possible approvals later in August.
ETH Price Stability Suggests Potential Rebound
Technical analysis of the Ethereum market over the past 24 hours has shown significant movements in key indicators. The Alligator indicator, with jaw, teeth and lips, is located at 3055.21, 3020.53 and 3013.32 respectively. This convergence suggests that the market may be entering a trend-forming phase, signaling the end of a consolidation phase and the start of a new trend.
Additionally, the Coppock curve, currently at -4.87, reflects bearish momentum. However, the overall trend since late 2023 has shown significant upward movements, highlighting Ethereum’s resilience. Despite the bearish Coppock curve, Ethereum’s price stability and positive momentum indicate the potential for a significant price rebound once the ETF news is confirmed.
Coinglass data indicates notable changes in the ETH Derivatives walk. Overall volume declined 41.80% to $15.20 billion, while options volume fell 51.55% to $320.63 million. Despite these declines, open interest increased 1.28% to $11.89 billion, and options open interest increased 1.63% to $6.38 billion.
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