Ethereum Price Prediction After ETH ETFs Led By BlackRock Secured $49M Inflows As Buy The Dip Traders Pounced During Market Crash
Release: 2024/08/07 22:24 Reading: 817
Surge in Ethereum Price and Institutional Demand
The Ethereum price has experienced a 2% increase in the last 24 hours, currently trading at $2,500 as of 03:42 a.m. EST. Despite a 39% drop in trading volume to $24 billion, U.S.-listed spot ether exchange-traded funds (ETFs) have witnessed a significant influx of nearly $49 million on Monday. This indicates strong demand for the token from institutional investors, even amidst a 20% decline in ETH value.
ETH Price Plunge and Subsequent Recovery
On Monday, ETH plunged by a significant margin - its steepest drop since 2021. This occurred after crypto trading firm Jump Crypto transferred a large amount of ETH to centralized exchanges, suggesting potential preparation for a sell-off.
However, ETH ETFs have witnessed a record volume of over $715 million on Monday, reaching their highest level since July 30. BlackRock recorded the most inflows with $47 million, followed by Fidelity and VanEck with $16 million each.
Bullish Rally and Potential Breakout
Following the significant drop on Monday, professional investors stepped in to acquire the asset at a lower price point. This has led to a bullish rally, with ETH rebounding and consolidating within a sideways pattern.
Currently, Ethereum's price is trading above its 50-day Simple Moving Average (SMA), indicating a bullish trend in the short term. Should the positive sentiment continue, ETH has the potential to break out of the sideways pattern and overcome the 200-day SMA, which stands at $2,923.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) also indicate bullish momentum, with the RSI signaling a breakout and the MACD intersecting above the neutral line.
Ethereum Price Analysis and Outlook
The Ethereum price analysis suggests that the bulls are preparing for a breakout above the current sideways pattern. The RSI and MACD indicators demonstrate that buyers are accumulating positions, which could propel the ETH price towards its next target of $2,923.
However, if the bears regain control, the Ethereum price could potentially revert to the key support level at $2,200.
Pepe Unchained Presale Success
In other crypto news, the Ethereum Layer-2 meme token Pepe Unchained (PEPU) has raised over $7.5 million in its presale. This indicates strong investor interest in the token despite the recent market volatility.
PEPU operates on its own Layer 2 chain on Ethereum, aiming to address scalability, speed, and efficiency issues commonly associated with Layer-1 meme coins. Additionally, token holders can earn passive income through the platform's staking system.
According to crypto experts, $PEPU has the potential to surge 100X after its launch, making it a promising investment opportunity for interested individuals.
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