Can Ethereum ETF Bring Optimism In The Price?
In the present scenario, the Ethereum price is witnessing a strong selloff in Intraday, as it has distanced itself from the $3200 level. The crypto is headed to test the rebound level of $3000, dropping more than 5% in Intraday.
The daily chart shows a breakdown of a bearish flag pattern and a rejection from the 50-day exponential moving average. While the $3000 may act as a psychological level and bring some stability, further downside movement cannot be ruled out.
However, recent developments and updates point towards a potentially bright future for Ethereum, which could bring back the optimistic days.
The most recent news that could relieve Investors is about the commencement of Bitcoin and Ethereum ETFs in Hong Kong. This news is a reason for celebration for Hong Kong investors. There is optimism that these ETFs might exceed the $125 million US Bitcoin ETF launch. It might bring back the reversal in Ethereum and the crypto may perform in the next month.
In the present scenario, the Ethereum price is witnessing a strong selloff in Intraday, as it has distanced itself from the $3200 level. The crypto is headed to test the rebound level of $3000, dropping more than 5% in Intraday.
The daily chart shows a breakdown of a bearish flag pattern and a rejection from the 50-day exponential moving average. While the $3000 may act as a psychological level and bring some stability, further downside movement cannot be ruled out.
However, recent developments and updates point towards a potentially bright future for Ethereum, which could bring back the optimistic days.
The most recent news that could relieve Investors is about the commencement of Bitcoin and Ethereum ETFs in Hong Kong. This news is a reason for celebration for Hong Kong investors. There is optimism that these ETFs might exceed the $125 million US Bitcoin ETF launch. It might bring back the reversal in Ethereum and the crypto may perform in the next month.