Market
Ethereum Inflows Surge to Four-Month High: Price Rally Imminent?
Inflows into Ethereum (ETH) digital investment products have now reached the highest value since March. This new record suggests that ETH’s price may continue recovering as it has within the past week.
ETH’s price as of this writing is $3,338, representing a 4.12% increase in the last 24 hours. But will the altcoin price continue to move northward?
More Money for Ethereum Is More Profits for Holders
According to CoinShares, the crypto weekly inflows totaled $1.44 billion. This value makes it the fifth largest the product has seen since its inception. As expected, Bitcoin (BTC) had the lion’s share.
However, with $72 million, Ethereum has been able to register consistent inflows over the past few weeks while hitting the highest figure in four months.
“A wide range of altcoins saw inflows, most notable being Ethereum, which saw US$72m inflows last week, being the largest inflows since March and likely in anticipation of the imminent approval of the spot-based ETF in the US.” James Butterfill, CoinShares Head of Research, wrote.
Recently, BeInCrypto reported that a number of analysts expect the spot Ethereum ETFs to launch this week.
In addition, according to Glassnode, ETH holders have begun to experience some form of respite. This is because of the indications revealed by the Spent Output Profit Ratio (SOPR).
The SOPR examines market spending behavior, providing insights into profits and losses over a period of time. When the value of the SOPR is 1, moved coins are sold for profit on a particular day.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
But when it is lower than 1, it implies sell-offs at a loss, and if it is exactly 1, it means holders are selling at the breakeven point.
As shown above, Ethereum’s SOPR is 1.01 at press time. If sustained, successive peaks will indicate that the spent coins are moved back into circulation, increasing the probability of a price rally.
ETH Price Prediction: $3,300 Holds, But How About $4,000?
Like the SOPR, Ethereum’s Open Interest (OI) gives signs that suggest that the price will increase as the value is $7.72 billion.
OI refers to the sum of the value of open contracts in the market. When it increases, it means that market participants are increasing their exposure to a coin. However, a decrease implies that participants are closing their net positions.
From a trading and historical perspective, a rise in OI backs an increase in ETH’s spot value. Therefore, if interest in the cryptocurrency continues to jump, so will the price. If this remains the case, ETH could reach $3,474 in the short term.
Further, if inflows into the ETFs reach $1 billion, as has been predicted in some corners, ETH may retest $4,000.
However, the In/Out of Money Around Price (IOMAP) shows that there is a chance of invalidation. The IOMAP classifies addresses based on those making money, those out of money, and those at the breakeven point.
If the number of addresses in the money is higher, the price region will provide support. But if it is the other way around, crypto will face resistance.
Read more: How to Buy Ethereum (ETH) and Everything You Need to Know
At press time, we noticed that 3.57 million addresses bought 2.83 million ETH at an average price of $3,385. Meanwhile, 2.04 million purchased 1.15 million of the cryptocurrency around $3,282.
Since there is a larger number of addresses out of the money, it means Ethereum will find it challenging to break through $3,385.
This is because once ETH reaches this value, some holders may decide to sell. If this happens, the price of Ethereum may drop below $3,300 and even go as low as $3,233.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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