TronWeekly

Crypto World News

You are here: Home / Archives for Spot Ethereum ETF

Spot Ethereum ETF

Ethereum ETF Sparks Market Volatility: Analyst Insights And Price Predictions

by

Renowned crypto analyst Ali Martinez recently shared insights on a significant development in the crypto world: such as the recent decision of the SEC to approve a spot Ethereum exchange-traded fund (ETF). Martinez wondered whether this has turned into a ‘sell the news’ event for Ethereum and the possibility of selloffs. 

AFP5d52PnImBjF5 042Rx0v1F41BZvujikXxOHbPJ9LYv8GPhgqBh0XIVSm0m1i8VMUkCmsrpTTcuDJ3WlxGh9 v6JDdwm wthtbbSsxj8ohGz9i44S8VE1J fIe9xi8Z6BN djMr2 kRkBKXTaDY

The recent mass selling of Ethereum (ETH) to exchanges has garnered market attention, raising concerns, whether it’s profit-taking, portfolio adjustments, or strategic market operations by large investors

Ethereum Co-Founder’s $37M Move Sparks Speculation

The big transaction was made by Ethereum co-founder Jeffrey Wilke, who transferred 10,000 ETH for $37.38 million to the largest exchange, Kraken, according to analysts. This move has also raised more questions about his actions whether he is taking profits on his holdings, rebalancing his portfolio or just speculating in the market. 

qrrYXXymkhGDUi33DD0FENRQ3lALv4nhDzv1XD4YWHDTmTzdTMM0c8RykkzrZSOzdGZXRKpWfKXQHDvzoFDANShb5NG fjwdCixOb7ivaGM F88Npp6cO0CiojXWOUgS0CTRHwDhFymLra52WHqYJlY

More ETH is stored in exchange wallets, which implies that trading activity could lead to fluctuations in the price of the asset. 242,000 ETH has been transferred to crypto exchange wallets, spotting increased market activity.

ZlnXlFMSBx1Q4AWh92fMPJCSRbUQaFt0FcROjnNQRYL9e5LvOcp9YSrEOSXoDLUYW WH9gBbxy3JXQCAWdF1 Lszwr8sqvwFn9DGw9h 2LZJkvVNt8cMwBIe

Famous figures including APompliano, had to dub the approval of the Ethereum ETF as the industry’s seal of endorsement. But there is a rising trend of the ETH deposits to exchanges, which may point to the fact that there is a sell-off or profit taking at the time, and this can make the price to go down. Ethereum is at the crossroads of important support and resistance levels

Technical analysis gives extra warning signs. The TD Sequential indicator has flashed a sell signal on ETH 24 hours chart. A green nine candlestick means that the intensity of the selling pressure could result in a retreat of 1 to 4 daily candlesticks or start a new bear phase before any bullish run can begin. 

62lJ Q3zN4cfZkUYtjPs0viuBCAV1wedozLAkKpT0UTv4SiAIXU8b3n9NlJmDn Rbx5BkNNIda pq00UKM 2zLHvCFCzeA8 pNm K9qS oJBpU4bsxTwIqMew9vsbqzdW6gRB3TnzH GCYQXlpiPI1w

The approval of the ETH ETF is a significant step in the development of the crypto industry, but it is met with both optimism and concern. The response of the market reflected in the high volumes of ETH transactions as well as in the key technical indicators indicates that traders should be cautious as Ethereum is entering a phase of possible volatility. 

Hong Kong’s VSFG Eyes Ethereum ETF Following Bitcoin Triumph

by

Hong Kong-based financial services firm Venture Smart Financial Holdings Ltd. (VSFG) is gearing up to apply for a spot Ethereum exchange-traded fund (ETF) following the recent approval of a spot Bitcoin ETF in the United States. The move is seen as a significant step toward the broader adoption of cryptocurrencies and establishing Bitcoin as an asset class coexisting with traditional financial instruments.

VSFG Chairman Lawrence Chu revealed in a recent interview with The Block that the company is in the final stages of preparing an official application for a spot Bitcoin ETF to be submitted to the Hong Kong Securities and Futures Commission. In Hong Kong, thorough regulatory discussions usually precede such applications, and Chu emphasized that the submission indicates they are “95% there.”

Optimistic Q1 Approval and Eyes on Spot Ethereum ETF

Chu expressed optimism about the potential approval and listing of their spot Bitcoin ETF in the first quarter, paving the way for the submission of a spot Ethereum ETF application in the second quarter. However, he acknowledged that the timeline would ultimately depend on discussions with regulators, stating, “But that really depends on the conversation we have with the regulator. We will be ready.”

The move by VSFG aligns with a growing trend in Hong Kong, as Livio Weng, the chief operating officer of HashKey, mentioned that around 10 fund companies in the city are exploring the possibility of launching spot crypto ETFs. This indicates a potential race among asset managers to lower fees, similar to the observed trend in the United States.

Chu acknowledged the competitive landscape, noting that several ETFs could emerge, but he highlighted the nuanced role of VSFG. He stated, “Our role is slightly nuanced because I think we’re also trying to help ETF issuers get into the game.” He pointed out that, unlike U.S. ETF issuers, those in Hong Kong face licensing requirements and a knowledge gap, with many lacking dedicated digital asset teams.

“In Hong Kong, there’s a bit of a licensing requirement but also a knowledge gap. Most ETF issuers don’t have a digital asset team,” Chu explained. “It becomes less of a competition for us, but rather it’s competition between ETF issuers on their marketing side. From that point of view, you can think of us as more of a service provider to all ETF issuers.”

As the crypto ETF landscape evolves in Hong Kong, the anticipation of both spot Bitcoin and Ethereum ETFs underscores the increasing acceptance and integration of digital assets within traditional financial markets. The developments in Hong Kong mirror the global trend of institutions and financial entities embracing cryptocurrencies as legitimate investment options.

Related Reading | Ethereum ETF: Standard Chartered Executive Eyes $4,000 Target On SEC Approval

Ethereum Surges to $2,132 as Blackrock’s Move Sparks Enthusiasm

by

Ethereum has hit a high of $2,132, riding a wave of enthusiasm driven by the news of Blackrock’s recent submission of an ETF for SEC review, as per Santiment X post. This surge reflects the growing optimism surrounding the second-largest cryptocurrency in the market.

Ethereum dominates discussions in the crypto sphere, marking the highest increase in conversation compared to its usual trends. The spike in interest correlates with Blackrock’s confirmation of an official filing for a Spot Ethereum ETF with Nasdaq, now awaiting SEC approval.

This revelation has infused a moderate level of euphoria among traders, propelling ETH’s price to the cusp of a 1.5-year high. The crypto community, both traders and influencers, is ablaze with bullish sentiments regarding the potential impact of these ETFs on the crypto sector.

The industry also speculates that Blackrock’s move may signal positive indications for their earlier Bitcoin ETF filing in June. However, the certainty of these ETFs remains a subject of debate, albeit Ethereum’s significant lead in social volume reinforces its current prominence.

Conversely, deeper insights into Ethereum’s network health via Santiment’s metrics reveal a mixed picture. While some utility metrics show strength with rising transaction volume and circulation, signals of concern emerge. The surge in whale transactions, simultaneous with substantial dumping by key stakeholders in the $100K-$1M tier, raises alarms of profit-taking.

image 42
Ethereum Surges to $2,132 as Blackrock's Move Sparks Enthusiasm 9

Moreover, the spike in Ethereum’s social dominance amid price surges indicates elements of FOMO and greed, adding complexity to the overall outlook.

image 41
Ethereum Surges to $2,132 as Blackrock's Move Sparks Enthusiasm 10

The community, while excited about the ETF potential, is cautioned against the uncertainty of its confirmation. The fervor might simmer down, giving way to impatience in the coming weeks or months.

The future of Ethereum’s growth remains subject to the intricate interplay between market dynamics, investor behavior, and regulatory decisions.

Ethereum Price Analysis

The present value of Ethereum stands at $2,064.29, accompanied by a trading volume of $13.86 billion within the last 24 hours. Its market capitalization is estimated at $248.26 billion, contributing to a market dominance of 17.48%. Notably, there was a decrease of -1.69% in the ETH price over the past day.

ETH 1D graph coinmarketcap 5
Source: CoinMarketcap

As per Coincodex’s current forecast, Ethereum’s value is anticipated to climb by 5.14%, aiming for $2,165.91 by November 15, 2023. Coincodex technical analysis indicates a prevailing bullish sentiment, corroborated by a Fear & Greed Index reading of 70, indicating a state of “Greed.” In the previous 30 days, Ethereum has experienced 23/30 (77%) days of positive growth, showcasing an 8.11% price fluctuation.

Ethereum’s price consolidates above $2,035 within an ascending triangle pattern formed by connecting swing highs and lows. Traders eye a breakout from the horizontal trendline. The pattern suggests a target of $4,736, derived from a 134% triangle height. Positive RSI and bullish AO hint at sustained momentum and market strength.

Capture 3
Source: Tradingview.com

Note: The details on this page about markets and instruments are like a sneak peek – just info, not a nudge to buy or sell. Before diving into investments, dive into your own research pool.

Related Reading | Celsius Bankruptcy Plan Faces Skepticism, Regulatory Hurdles