Ethereum prices are stable at spot rates, moving horizontally even after the United States Securities and Exchange Commission (SEC) approved the list and trading of spot Ethereum ETFs on July 23.
Ethereum is trending below the crucial resistances at $3,500 and $3,700 at press time. However, buyers have kept prices above $3,300 as price action moves horizontally.
Though there are expectations of volatility, reading from options data, now that spot Ethereum ETFs are available for trading, one analyst picked out a critical development that might affect the BTC-ETH dynamic.
Ethereum Whales Taking, ETH Outperforms BTC
In a post on X, Santiment data reveals an uptick in whale activity ahead of the spot Ethereum ETF in the United States. The analytics platform said multiple high-value ETH transfers have outpaced those ordinarily seen on Bitcoin and USDT since July 17.
The unusual increase in this kind of transfer could show growing confidence in Ethereum and ETH’s long-term prospects. This has even been accelerated with another crypto derivative product, providing an alternative to Bitcoin.
Looking at the ETHBTC price chart, it is evident that ETH bulls have the upper hand. After the drop in late June, the coin continues outperforming Bitcoin, sharply rising on July 23. Evident in the daily chart, there is a double-bar bullish formation signaling the presence of ETH buyers keen on funneling capital and extending gains.
ETH is finding support at the 50% Fibonacci retracement level of the May 2024 trade range, confirming the uptrend. Even so, for May buyers to take charge, bulls must clear 0.057 BTC, setting the base for further gains toward 0.08 BTC recorded in 2022.
Over $1 Billion Worth Of Spot ETF Shares Traded
Inflows into spot ETFs will fuel the bull run. As seen in Bitcoin, price performance will largely depend on interest from institutional players. Barely 24 hours after the product launched in the United States, various issuers bought $1.1 billion of ETH.
Inflows will likely rise when ETH prices break above the immediate resistance level, ideally last week’s high and $3,700. As prices stall for now, the launch of this product, a Bitwise analyst said, cements Ethereum’s role as a foundational technology in web3.
As seen from the rapid growth of the digital economy, Ethereum, the Bitwise analyst added, will see the smart contracts platform catalyze development.
Feature image from Canva, chart from TradingView
Dalmas Ngetich
Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.
His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn’t just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.
His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.
Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.
Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.
DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn’t a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.
Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa’s full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.
Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.
When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.
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