The cryptocurrency market had high hopes for the Spot Ethereum ETF launch to bring a bull run for ETH. However, the bears dominated, driving the price down below $3,200. In contrast, Bitcoin soared to new highs following its Spot ETF launch three months ago. When will Ethereum experience a similar rally?
On Tuesday, Spot Ethereum ETF attracted a total net inflow of $106.78 million within the first 24 hours of its launch. As per the data of SoSoValue, All eight approved ETFs reported net inflows, with the digital asset achieving a total trading volume of $1.11 billion on July 23.
Additionally, Santiment data shows a rise in whale activity ahead of the spot Ethereum ETF launch in the U.S., influencing its deployment. The value of ETH transfers surpassed $100K, marking a 64% increase compared to BTC transfers since July 17.
When Will Ethereum Make Its Comeback?
The Ethereum Coin prices were down by 8.15% over the last 24 hours, showing 5.32% down in the past month. In the last 24 hours, the ETH Coin reached a high of $3,473 and a low of $3,140. Currently, the Ethereum Coin is trading at $3,173, with a market cap of $381.8 billion. Additionally, daily trading volume has fallen by 1.24%, now at $21.94 billion, according to CoinMarketCap data.
As per our technical analysis, the ETH Coin has the potential to reach a maximum price level of $3,500, with an average price could be trading at around $3,375. On the other hand, if the ETH Coin struggles to overcome its current key resistance of $3,200, then it may decline to $2,980.
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Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
