{"id":3766,"date":"2024-07-24T11:39:41","date_gmt":"2024-07-24T11:39:41","guid":{"rendered":"https:\/\/cryptd.in\/ethereum-price-predictions-new-ath-in-the-near-future-or-deeper-correction\/"},"modified":"2024-07-24T11:39:41","modified_gmt":"2024-07-24T11:39:41","slug":"ethereum-price-predictions-new-ath-in-the-near-future-or-deeper-correction","status":"publish","type":"post","link":"https:\/\/cryptd.in\/es\/ethereum-price-predictions-new-ath-in-the-near-future-or-deeper-correction\/","title":{"rendered":"Ethereum Price Predictions: New ATH in the Near Future or Deeper Correction?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ethereum saw the launch of nine spot ETFs by major financial institutions, with the products surpassing $1 billion in trading volume on day one.
\nDespite initial price dips, analysts predict a potential rally for ETH supported by key metrics indicating increased volatility and a bullish trend ahead.<\/p>\n

<\/a><\/span><\/h2>\n

What\u2019s Next for ETH?<\/h2>\n

Ethereum (ETH) has been a top-trending topic in the crypto space in the past few days due to the official and long-anticipated introduction of nine spot ETH ETFs in the United States. They went live on July 23 as the issuers are the prominent financial institutions BlackRock, Fidelity, Franklin Templeton, VanEck, Grayscale, Invesco, 21Shares, and Bitwise.<\/span><\/p>\n

The collective trading volume of the <\/span>aforementioned ETFs<\/span> surpassed<\/span><\/a> $360 million 90 minutes after launch, with the Grayscale Ethereum Trust (ETHE) witnessing the most action. Several hours later, that figure <\/span>exceeded<\/span><\/a> the $1 billion milestone.<\/span><\/p>\n

Despite the solid numbers, ETH\u2019s price remains slightly <\/span>in the<\/span> red on a daily scale. <\/span>It is worth mentioning that some<\/span> industry participants warned about such a \u201csell the news\u201d scenario.<\/span> The X user Byzantine General <\/span>reminded<\/span><\/a> that bitcoin\u2019s price <\/span>also<\/span> plummeted after the launch of spot BTC ETFs earlier this year before \u201cgoing on a monster rally.\u201d<\/span><\/p>\n

\u201cI expect something similar for ETH. A faux \u201csell the news\u201d dump before turbo pump,\u201d they suggested.<\/span><\/p>\n

Il Capo of Crypto and Mikybull Crypto chipped in, too. The former outlined that the total trading volume of the ETH ETFs is approximately 23% of what the spot BTC ETFs did on their first day. The analyst <\/span>argued<\/span><\/a> that Ether\u2019s price is currently in a consolidation mode, expecting a breakout to a new all-time high before the end of 2024.<\/span><\/p>\n

Mikybull Crypto also <\/span>claimed<\/span><\/a> that the recently launched spot ETFs <\/span>will<\/span> be \u201cthe primary driver\u201d for a bull run in the following months. They set $10,000 as the new price target.<\/span><\/p>\n

What are Metrics Suggesting?<\/h2>\n

Important indicators related to Ethereum\u2019s ecosystem signal that a rally could <\/span>indeed<\/span> be in the cards. The Relative Strength Index (RSI), which gauges the speed and change of price movements, has been decreasing recently.\u00a0<\/span><\/p>\n

It varies from 0 to 100 as a ratio above 70 hints that a correction might be imminent. Currently, the RSI <\/span>stands<\/span><\/a> at around 48, while at the start of July, it dropped to a nearly one-year low of 11.85.<\/span><\/p>\n

Ethereum\u2019s open interest (the total number of outstanding derivative contracts, such as futures or options, that have not <\/span>been settled<\/span>) is the next metric, suggesting that enhanced volatility could be incoming. It has <\/span>been on the rise<\/span> in the past few weeks, currently <\/span>pointing at<\/span><\/a> over $11.6 billion. <\/span>In comparison,<\/span> the figure stood at less than $6 billion at the start of 2024.<\/span><\/p>\n

While the increase in open interest doesn\u2019t necessarily spell good news, it is often a precursor of a violent price move in any direction. Its combination with a potential broader cryptocurrency market bull run could positively impact ETH\u2019s valuation.<\/span><\/p>\n

El puesto Ethereum Price Predictions: New ATH in the Near Future or Deeper Correction?<\/a> apareci\u00f3 por primera vez en CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ethereum saw the launch of nine spot ETFs by major financial institutions, with the products surpassing $1 billion in trading volume on day one. Despite initial price dips, analysts predict a potential rally for ETH supported by key metrics indicating increased volatility and a bullish trend ahead. What\u2019s Next for ETH? Ethereum (ETH) has […]<\/p>\n","protected":false},"author":0,"featured_media":3767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nEthereum Price Predictions: New ATH in the Near Future or Deeper Correction? - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/es\/ethereum-price-predictions-new-ath-in-the-near-future-or-deeper-correction\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Price Predictions: New ATH in the Near Future or Deeper Correction? - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"TL;DR Ethereum saw the launch of nine spot ETFs by major financial institutions, with the products surpassing $1 billion in trading volume on day one. Despite initial price dips, analysts predict a potential rally for ETH supported by key metrics indicating increased volatility and a bullish trend ahead. What\u2019s Next for ETH? 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