{"id":631218,"date":"2024-07-24T08:00:24","date_gmt":"2024-07-24T08:00:24","guid":{"rendered":"https:\/\/ktsl888.com\/?p=631218"},"modified":"2024-07-24T08:00:40","modified_gmt":"2024-07-24T08:00:40","slug":"ethereum-etfs-launch-about-to-kickstart-the-altseason-analysts-weigh-in","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum-etfs-launch-about-to-kickstart-the-altseason-analysts-weigh-in\/","title":{"rendered":"Ethereum ETFs Launch About To Kickstart The Altseason? Analysts Weigh In"},"content":{"rendered":"

The long-awaited Ethereum Exchange-Traded Funds (ETFs) are finally live, registering over $100 million in volume in the first 15 minutes. Investors expect to see the launch\u2019s impact on the crypto market, while some market watchers believe ETH ETF\u2019s performance will kickstart the Altcoin season.<\/p>\n

Related Reading: PolitiFi Memecoin Shakeout: BODEN Plummets 55% While KAMA Skyrockets 150% Following Biden Dropout<\/a><\/div>\n

Ethereum Spot ETFs Are Officially Live<\/h2>\n

On Monday, the US Securities and Exchange Commission (SEC) gave the final nod<\/a> to Ethereum spot ETFs, setting the launch date for Tuesday, July 23. After the approval, investors raised the alarm following some online reports.<\/p>\n

Per Whale Alert, Grayscale has transferred $1 billion in ETH to Coinbase Institutional. This led many investors to fear that the digital asset manager\u2019s transaction would add selling pressure to the asset and affect its price performance ahead of the launch.<\/p>\n

However, ETF expert Eric Balchunas offered<\/a> some relief to investors after pointing out that Grayscale didn\u2019t move the tokens to dump them. The firm transferred the 292,262 Ethereum \u201cfrom $ETHE to its mini-me = $ETH.\u201d Balchunas considers it \u201ca new variable in this race that we didn\u2019t have in the btc race.\u201d<\/p>\n

The initial numbers have been released now that the highly anticipated products are live. Balchunas shared on X that the Ethereum ETFs saw $112 million in the first 15 minutes of trading. This number increased to $361 million total after 90 minutes.<\/p>\n

\"Ethereum
ETH ETFs’ initial volume after 90 minutes. Source: Eric Balchunas on X<\/a><\/figcaption><\/figure>\n

The Bloomberg expert praised the volume, calling it a \u201csolid showing\u201d regardless of being 20-25% of Bitcoin (BTC) ETFs numbers. Despite the healthy performance, ETH remains hovering between the $3,440 and $3,540 price range.<\/p>\n

Are ETH And Altcoins About To Take Off?<\/h2>\n

Ahead of the launch, some market watchers anticipated that the ETFs\u2019 performance could kickstart an upswing for Altcoins<\/a>. According to several analysts, the Altcoins chart shows similarities to the 2016-2017 performance, suggesting that the Altseason is \u201cbrewing.\u201d<\/p>\n

To Crypto Jelle, \u201cAltcoins are still following the traditional bull market preparation playbook.\u201d Per the macro chart, altcoins broke from the accumulation zone and chopped around key support levels during previous cycles<\/a>.<\/p>\n

\"Ethereum\"
ETH’s chart shows similarities to previous bull runs. Source: Crypto Jelle on X<\/a><\/figcaption><\/figure>\n

The \u201cpre-bull market consolidation\u201d was followed by a take-off that propelled cryptocurrency prices to new highs. Jelle pointed out altcoins are currently in the consolidation zone, similar to past cycles. He also suggested a new take-off \u201cshouldn\u2019t take long\u201d after Ethereum ETFs\u2019 launch.<\/p>\n

Crypto trader MikyBull also highlighted<\/a> the similarities between the previous cycles, which suggest that a \u201chuge Altseason is brewing.\u201d To the trader, the recent \u201cfake out\u201d made investors believe that this cycle\u2019s Altseason \u201chas been written off,\u201d but he expects altcoins to \u201cpull a 2017 kind of explosive\u201d rally that follows the same PA path.<\/p>\n

The trader considers Ethereum\u2019s price might be positively affected by ETH spot ETFs. This performance will be the primary driver for the \u201chuge rally in the coming months.\u201d Additionally, he set a band price target<\/a> of $10,000 for ETH.<\/p>\n

Related Reading: Ethereum Price Stays Flat Despite Today\u2019s ETF Debut: QCP Explains Why<\/a><\/div>\n

Other market watchers suggested that investors must remain serene if a price drop occurs. Pseudonym analyst and trader Moustache called<\/a> for patience as \u201cit\u2019s only a matter of time.\u201d \u201cEthereum chart looks like it did in the last cycle, just before the Altcoin bull market started,\u201d he added.<\/p>\n

As of this writing, the second-largest cryptocurrency by market capitalization is trading at $3,419, a 1.1% decline in the last 24 hours.<\/p>\n

\"Ethereum,
Ethereum’s performance in the three-day chart. Source: ETHUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The long-awaited Ethereum Exchange-Traded Funds (ETFs) are finally live, registering over $100 million in volume in the first 15 minutes. Investors expect to see the launch\u2019s impact on the crypto market, while some market watchers believe ETH ETF\u2019s performance will kickstart the Altcoin season. Related Reading: PolitiFi Memecoin Shakeout: BODEN Plummets 55% While KAMA Skyrockets 150% Following Biden Dropout Ethereum Spot ETFs Are Officially Live On Monday, the US Securities and Exchange Commission (SEC) gave the final nod to Ethereum spot ETFs, setting the launch date for Tuesday, July 23. After the approval, investors raised the alarm following some online reports. Per Whale Alert, Grayscale has transferred $1 billion in ETH to Coinbase Institutional. This led many investors to fear that the digital asset manager\u2019s transaction would add selling pressure to the asset and affect its price performance ahead of the launch. However, ETF expert Eric Balchunas offered some relief to investors after pointing out that Grayscale didn\u2019t move the tokens to dump them. The firm transferred the 292,262 Ethereum \u201cfrom $ETHE to its mini-me = $ETH.\u201d Balchunas considers it \u201ca new variable in this race that we didn\u2019t have in the btc race.\u201d The initial numbers have been released now that the highly anticipated products are live. Balchunas shared on X that the Ethereum ETFs saw $112 million in the first 15 minutes of trading. This number increased to $361 million total after 90 minutes. The Bloomberg expert praised the volume, calling it a \u201csolid showing\u201d regardless of being 20-25% of Bitcoin (BTC) ETFs numbers. Despite the healthy performance, ETH remains hovering between the $3,440 and $3,540 price range. Are ETH And Altcoins About To Take Off? Ahead of the launch, some market watchers anticipated that the ETFs\u2019 performance could kickstart an upswing for Altcoins. According to several analysts, the Altcoins chart shows similarities to the 2016-2017 performance, suggesting that the Altseason is \u201cbrewing.\u201d To Crypto Jelle, \u201cAltcoins are still following the traditional bull market preparation playbook.\u201d Per the macro chart, altcoins broke from the accumulation zone and chopped around key support levels during previous cycles. The \u201cpre-bull market consolidation\u201d was followed by a take-off that propelled cryptocurrency prices to new highs. Jelle pointed out altcoins are currently in the consolidation zone, similar to past cycles. He also suggested a new take-off \u201cshouldn\u2019t take long\u201d after Ethereum ETFs\u2019 launch. Crypto trader MikyBull also highlighted the similarities between the previous cycles, which suggest that a \u201chuge Altseason is brewing.\u201d To the trader, the recent \u201cfake out\u201d made investors believe that this cycle\u2019s Altseason \u201chas been written off,\u201d but he expects altcoins to \u201cpull a 2017 kind of explosive\u201d rally that follows the same PA path. The trader considers Ethereum\u2019s price might be positively affected by ETH spot ETFs. This performance will be the primary driver for the \u201chuge rally in the coming months.\u201d Additionally, he set a band price target of $10,000 for ETH. Related Reading: Ethereum Price Stays Flat Despite Today\u2019s ETF Debut: QCP Explains Why Other market watchers suggested that investors must remain serene if a price drop occurs. Pseudonym analyst and trader Moustache called for patience as \u201cit\u2019s only a matter of time.\u201d \u201cEthereum chart looks like it did in the last cycle, just before the Altcoin bull market started,\u201d he added. As of this writing, the second-largest cryptocurrency by market capitalization is trading at $3,419, a 1.1% decline in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":576067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,41995,428,9960,1119,26263,10923,84504,92804,8323,4854,1946,92688,89501,78803,6743],"class_list":["post-631218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-altseason","tag-bitcoin","tag-bitcoin-etfs","tag-btc","tag-crypto-analyst","tag-crypto-market","tag-eric-balchunas","tag-etf-expert","tag-eth","tag-ether","tag-ethereum","tag-ethereum-etf-launch","tag-ethereum-spot-etfs","tag-ethusdt","tag-us-sec"],"acf":[],"yoast_head":"\nEthereum ETFs Launch About To Kickstart The Altseason?<\/title>\n<meta name=\"description\" content=\"Ethereum spot ETFs are officially live with a solid initial performance. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.","url":"https:\/\/ktsl888.com\/author\/rubmargarcia\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum ETFs Launch About To Kickstart The Altseason? 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