Crypto Traders Say Ethereum Is ‘Undervalued’, Expect ETH ETF to Bring New Highs.
Analysts believe the price of Ether could reach an all-time high in the next two months following the launch of the first Ether exchange-traded funds (ETFs) in the United States. Traders believe that these funds are “undervalued”.
Spot Ether (ETH) ETFs began trading on July 23, a day after the US Securities and Exchange Commission gave final approval to issuers including BlackRock, Fidelity, 21Shares, BitWise, Franklin Templeton, VanEck and Invesco Galaxy.
Within 15 minutes of trading, the ETF registered an impressive $120 million.
“The ETH ETF has crazy numbers. The first 15 minutes of the first day of Bitcoin in terms of volume: 50%: $112 million,” Michael van de Poppe, founder and CEO of the trading company MNTrading, wrote in his own X response.
“The launch of the Ethereum ETF is very undervalued, and I expect it to trade ATH in the next 1-2 months.”
Meanwhile, fellow trader Dan CryptoTrades described initial flows as “decent,” predicting higher crypto market volatility.
“I imagine it's going to be a busy day ahead with lots of activity!”
In a previous post, Diane shared a chart showing the key steps crypto traders need to clear on their recovery path.
According to their analysis, Ether bulls would have to overcome the resistance of the supply zone extending from $2,672 to $3,730 to maintain the highs. This was also dependent on holding above $3,350.
“ETH levels are clear. $3350 needs a hold and looks strong. We are expecting a lot of activity these days regarding ETF launches.”
“ETA hits $3,450 as investors brace for wild ride,” crypto investor Alessa Muto said in a July 23 newsletter on X, adding, “I'm bullish on crypto and ETFs and believe they will go parabolic over the next few.” years”
However, Muto later admitted that it is telling where the price of Ether will go next.
Related: Bitcoin Gains $1.2K in 1 Hour as BTC Price Recovers on Ether ETF Launch
Spot ETH ETFs see $360 million in trading volume in the first 90 minutes of trading.
Spot Ether ETFs accumulated $361 million into trading in an hour and a half of trading, according to data compiled by Eric Balchunas, senior ETF analyst at Bloomberg.
In an earlier post, Balchunas provided insight into volumes compared to when Bitcoin ETFs began trading in the United States on January 11.
“Here's the volume after the first 15 minutes of trading. A total of $112m sold for the group (that's a ton vs normal ETF launches but the volume of Bitcoin ETFs is only half of what it was on DAY ONE, altho 50% more than expected IMO).
The US-based space Bitcoin ETFs has been declared the most successful ETF launch by market participants. The fund saw $300 billion in cumulative trading in the first six months, bringing its total assets under management to $62.12 billion as of July 22.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
