Analyst Predicts Ethereum ETF Will Trigger Major ETH Market Moves
cryptocurrency analyst Michael van de Poppe He predicts that Ethereum is nearing its nadir and that upcoming Ethereum ETF news will potentially trigger significant market movements. Van de Poppe’s analysis suggests a classic “Sell the rumor, buy the news” scenario, leading to significant price swings. Ethereum The current price stands at $3,122.79, reflecting a 1.02% increase over the last 24 hours. It has a market value of approximately $375.1 billion.
Ethereum ETF News Could Increase Volatility
Van de Poppe believes the upcoming Ethereum ETF news will have a profound impact on the market. He emphasizes the “Sell the rumor, buy the news” strategy, where investors sell assets based on rumors and repurchase when actual news is released. This strategy often results in significant price fluctuations. Ethereum, which decreased by 35.12% in transaction volume to $9.53 billion, maintained its positive momentum and its price fluctuated between $3,090 and $3,150 in the last 24 hours.
Van de Poppe’s prediction highlights the potential for Ethereum to experience a significant price increase once ETF news is officially announced. Although he expressed doubts about approval Ethereum ETFIn May he suggested: SEC Delay the approval process instead of rejecting applications outright. This delay could shift the market’s focus towards potential approvals towards the end of August.
ETH Price Stability Points to a Potential Upside
Technical analysis of the Ethereum market over the last 24 hours showed significant movements in key indicators. The Crocodile indicator with its jaw, teeth and lips stands at 3055.21, 3020.53 and 3013.32 respectively. This convergence indicates that the market may be entering a trend formation phase and signals the end of the consolidation phase and the beginning 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, underlining Ethereum’s resilience. Despite the declining Coppock Curve, Ethereum’s price stability and positive momentum indicate the potential for a significant price recovery once the ETF news is confirmed.
Data obtained from Coinglass, ETH derivatives Sunday. While total volume decreased by 41.80% to $15.20 billion, option volume decreased by 51.55% to $320.63 million. Despite these decreases, open interest increased by 1.28% to $11.89 billion, and option open interest increased by 1.63% to $6.38 billion.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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