26 July 2024
For the fourth day, the news has been buzzing about the launch of Spot Ethereum ETFs (Exchange-Traded Funds). Everyone expected a huge influx of capital and that the price would skyrocket. On the first day alone, ETH-ETF surpassed $200 million!
But we didn't rush with the news, as in the meantime, the ETHUSD price dropped by 10%...
What happened?
Ethereum failed to hold above the critical support level of $3250, leading to a drop below $3150. This forced traders to reassess their strategies, considering the high volatility of the cryptocurrency. The simultaneous drop in Bitcoin and other cryptocurrencies further exacerbated investor uncertainty, prompting many traders to close their positions out of fear.
What factors are the loud media not considering?
However, FreshForex analysts believe that in the long run, Ethereum will inevitably rise. Once investors see real reasons for new purchases, not just the hype around the ETF launch, the influx of funds will stabilize and the price will start to increase. Currently, the price has fallen significantly close to the important psychological level of $3000, but a strong rebound has timely appeared. If you want to profit from future growth, buying at a lower price is a great entry point!
Don’t listen to the loud news, read the verified analysis from FreshForex, and profit with us!
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