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Ethereum Is Top Trending Asset Amid SEC ETH ETF Buzz and $341M Whale Buys
Ethereum (ETH) has become the most trending cryptocurrency on major online platforms. This surge in interest coincides with the U.S. Securities and Exchange Commission (SEC) considering the approval of the first spot Ethereum ETF. Simultaneously, Ethereum whales have significantly increased their holdings, buying over 110,000 ETH worth approximately $341 million in the past 24 hours.
ETH Price Surges as Whales Buy Big
The Ethereum community is abuzz with news of heightened whale activity. According to a recent post on X by Ali Chart, Ethereum whales have bought over 110,000 ETH in the last 24 hours. This purchase, valued at around $341 million, indicates strong confidence in the cryptocurrency. The substantial acquisition by these large holders has likely contributed to the recent price increase.
Moreover, Ethereum price has shown positive movement. It is currently trading at $3,151.89, marking a 2.66% increase over the past day. This price surge is accompanied by a 56.98% rise in trading volume, suggesting increased activity and interest in Ethereum. Over the past 24 hours, Ethereum’s price has fluctuated between a low of $3,050.30 and a high of $3,151.49, demonstrating its volatility and the market’s heightened interest.
The anticipation of the SEC’s decision on the Ethereum ETF has also played a significant role in the current market dynamics. Investors and traders are closely monitoring the situation, as the approval of the Ethereum ETF would allow Ether to be traded on stock exchanges like traditional stocks. The SEC is expected to approve both the 19b-4s (exchange rule changes) and S-1s (registration statements), paving the way for the ETF.
The potential approval of the ETH ETF is seen as a major milestone for Ethereum, providing increased legitimacy and attracting institutional investors. This development has fueled speculation and excitement within the cryptocurrency community, contributing to the recent price movements and increased trading volume.
Ethereum Approaches Key Resistance Amid Market Excitement
From a technical analysis perspective, Ethereum has recently approached a significant resistance level at $3,184.59, as indicated by the Fibonacci Retracement indicator. This level marks the most recent price point that Ethereum has tested. Meanwhile, the 1.618 Fib level at $2,664.53 is identified as a key support level, providing a safety net for the cryptocurrency’s price.
The Klinger Oscillator indicator also shows an upward trend, with a recent value of 490, up from 286. This positive movement suggests an increase in buying momentum, indicating that traders are entering the market in anticipation of continued price advances or response to the price holding near its resistance level.
Also Read: Turning $5,000 Into $500,000 By December With 4 Solana Meme Coins To Buy
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Investment management firm VanEck has filed its amended spot Ethereum ETF S-1 to the Securities and Exchange Commission (SEC). This comes after the Commission returned forms to issuers seeking minor changes. As the race to a potential listing in the summer nears, issuers place final touches on these investment vehicles.
VanEck Amends Ethereum ETF S-1
VanEck has filed its amended S-1 with the financial regulator with experts pointing to a near final approval date. The SEC approved 19b-4 filings of eight potential issuers in May but has delayed the final S-1 application with Gary Gensler point to a date this summer.
As investors anticipate trading spot Ethereum ETFs in the United States, firms are set to release updates to their fee structure. VanEck is aiming to trade under the “ETHV” ticker as users expect low fees. This development sparked a frenzy along social media spaces as bulls look to a future change in market sentiments.
Last week, Bitwise filed its S-1 amendment with a 6-month waiver of up to $500 million while other issuers are expected to submit applications today. Nate Geraci, the President of ETF Store noted that with amendments, institutions are gearing up for a potential launch in a week or two.
VanEck spot eth ETF S-1 amendment is in…
Already knew fee… 20bps. https://t.co/kUUfNg4Fpq pic.twitter.com/seMJzkv88Y
— Nate Geraci (@NateGeraci) July 8, 2024
Similarly, Bloomberg’s analyst Eric Balchunas who previously expressed a near-term approval time frame for these products added that they put the ball in the regulator’s court. “First S-1 just rolled in today from VanEck.. they already had their fee so nothing to see here really, they just putting the ball back in SEC’s court. Expecting the rest today except for Bitwise who did theirs last week.”
Users Anticipate Approvals
Ethereum users look forward to spot ETF listings in a bid to attract massive institutional inflows to the asset. Drawing lines with the approval of Bitcoin ETFs, ETH holders anticipate price upswings to wipe out previous losses. Ethereum trades at $2,983, down 20% from the approval of 19b-4 applications.
Also Read: UBS Raises NVIDIA Price Target to $150, How Will AI Coins React
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Chainlink whales have taken the crypto market by storm, accumulating colossal amounts of LINK amid a weekly correction taken by the token. In a post shared by the renowned crypto market analyst Ali Martinez today, July 8, it was pointed out that whales bagged a staggering 6.2 million LINK over the past week.
This on-chain data has glimmered significant optimism on the crypto’s future price run. Here’s a brief report on the data and why it adds a bullish tint to LINK.
Whales Sack $76M Worth Coins
According to data spotlighted by Ali Martinez, Chainlink whales took action to hoard over 6.2 million LINK, worth $76.88 million, in the past seven days. LINK’s weekly chart illustrated a 9.71% fall at press time, with price dipping as low as $11.17 in the past seven days, per CoinMarketCap’s data.
This waning price action appears to have urged a potential buy-the-dip strategy among crypto market whales, driving the abovementioned accumulation. Usual market sentiments convey optimism for the crypto, hinting at large-scale investors’ confidence in the asset’s potential to pump ahead.
Meanwhile, recent data by Santiment highlighted that LINK’s 30-day MVRV rested at 11.1%, hinting that the asset is an opportunity zone. For context, the lower the MVRV, the more undervalued an asset, paving the path for buyers to enter the LINK market and pump the coin.
Also, despite the weekly dip in price, LINK has regained an upward momentum today, aligning with the accumulations and MVRV.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
LINK Price Soars
At press time, the LINK price showed a 4.71% upswing in the past 24 hours and is currently resting at $13.44. The token’s 24-hour slumps and peaks were $11.83 and $13.44, underlining the presence of turbulency in tandem with broader market trends.
Nonetheless, Coinglass data spotlighted a market uptrend for Chainlink, as its Futures OI and derivatives volume surged remarkably. LINK’s OI jumped 5.60% to 157.16 million, whereas the derivatives volume surged 56.70% to $423.68 million. This data indicated increased investor interest in the asset and increased derivatives market activity.
However, the RSI rested along the 46 mark, hinting at broader asset neutrality. This hints at an uncertain movement for the token ahead, although on-chain data has projected a ray of optimism on the coin’s long-term prospects.
CoinGape Media’s recent price analysis hinted that Chainlink (LINK) price might even be poised to hit $20 amid bullish support gained by on-chain factors.
Also Read: German Govt Moves 1000 Bitcoin To Coinbase & Other Addresses
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
With all eyes on a spot Ethereum ETF approval for listing and trading by the U.S. SEC, experts predict high odds of approval this month. Crypto financial services firm Matrixport believes the Securities and Exchange Commission might approve Ether ETF by this week as the deadline for issuers to submit amended S-1 filings is Monday.
Ethereum ETF Approval Likely This Week
In a new update on July 8, Matrixport reported that the SEC will likely approve Ether ETF this week. The United States will have an exchange-traded fund tracking the spot price of Ethereum.
Matrixport expects swift progress similar to May when the SEC suddenly asked spot Ethereum ETF issuers to revise their applications. After 19b-4 filings by issuers, the SEC instantly approved them in the next three days. The S-1 applications were probably delayed due to the July 4 holiday and the long weekend.
CoinGape reported that the SEC delayed Ethereum ETF launch with a few comments, pushing the S-1 deadline to July 8. ETFstore President Nate Geraci said the last round of S-1 revisions was quite “light” and believes Ethereum ETFs will start trading in the next two weeks.
BlackRock, Fidelity, Grayscale, Hashdex, VanEck, and Invesco are anticipated to submit S-1 filing to the U.S. Securities and Exchange Commission (SEC).
Also Read: EtherFi Foundation Buys ETHFI, Passes Major Staking Proposal On Ethereum Mainnet
ETH Price To Witness Massive Rally?
Matrixport predicts a recovery in Ethereum price to $3,400 after the approval by SEC. The company forecasting a nearly 12% sharp jump based on analysis that ETH price rallied 20% after the SEC approved 19-b filings.
Whereas, $725 billion asset manager Bernstein earlier gave a long-term ETH price target of $6,600. The firm reported that ETH will reach this price after spot Ethereum ETFs approval by the SEC. Notably, the estimate is based on a 75% rally in Bitcoin products in January following weeks of ETFs approval. Bernstein analysts expect a similar price action for Ethereum.
ETH price rose 2% in the past 24 hours, with the price currently trading at $3,068. The 24-hour low and high are $2,826 and $3,090, respectively. Furthermore, the trading volume has increased further by 57% in the last 24 hours, indicating a rise in interest among traders.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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