Ethereum
Price Rally: Hong Kong’s Ethereum ETFs Jump 18% On Expectations Of US Approval
In a significant development for the recently approved Ethereum ETFs in Hong Kong, the ETF product launched by Chinese fund manager ChinaAMC has seen a significant increase in net inflows, reaching over HK$5 million (US$640,780) as of mid-day Wednesday.
This surge follows a previous high of HK$3.77 million on Tuesday, marking the largest inflow since the ETF’s launch, while investors are anticipating the approval of similar products in the United States for the market’s second-largest cryptocurrency, which has contributed to the increased interest in these ETFs.
Hong Kong’s Ethereum ETFs Break Trading Records
According to a South China Morning Post report, on Tuesday, the ETF witnessed over 1.28 million shares being traded, surpassing the average daily trading volume of around 500,000 since its launch on April 30.
Meanwhile, this week, the other two spot Ethereum ETFs in Hong Kong, issued by investment firms Harvest Global, Bosera, and HashKey Capital, have also experienced “higher-than-usual” trading volumes. The prices of all three ETFs recorded an increase of over 18 percent on Tuesday.
While Hong Kong’s spot crypto ETFs were hailed as a significant step in the city’s pursuit of becoming a virtual asset hub, their turnover has remained modest on most days since their launch. The trading volume pales compared to spot Bitcoin ETFs in the United States, where the products were approved in January.
By the numbers, SoSo Value data shows that on Tuesday, the total net inflow of Bitcoin Spot ETF was $306 million, marking seven consecutive days of net inflows.
Grayscale’s ETF, the Grayscale Bitcoin Trust (GBTC), had a single-day net outflow of $0.00, BlackRock’s ETF IBIT had a single-day inflow of $290 million, and the total net asset value of Bitcoin spot ETF was $58.910 billion.
Market Optimism
ETFs are viewed as vital means of attracting mainstream investors to volatile virtual assets, potentially bolstering prices. However, the initial impact of Hong Kong’s ETF launches on the global cryptocurrency market appears to have been relatively muted.
Analysts at Bloomberg have pointed out that Hong Kong’s ETF market is substantially smaller than that of the United States. Nonetheless, they assert that the city’s spot crypto ETFs, the first in Asia, play a pivotal role in the global adoption and acceptance of virtual assets.
The recent surge in Ethereum ETFs trading volume in Hong Kong coincides with a significant rally in cryptocurrency prices following reports suggesting an increased likelihood of the US Securities and Exchange Commission (SEC) approving spot Ethereum ETFs.
Bloomberg Intelligence ETF analysts Eric Balchunas and James Seyffart recently raised their estimated probability of approval for Ethereum ETFs in the US from 25 percent to 75 percent, indicating a potential shift in the SEC’s stance on these products.
ETH, the second-largest cryptocurrency by market capitalization, has experienced a price surge of over 20 percent, surpassing US$3,700 this week. The largest cryptocurrency also climbed by approximately 4 percent, surpassing US$71,000.
Featured image from Shutterstock, chart from TradingView.com
Ethereum
Fundraising platform JustGiving accepts over 60 cryptocurrencies including Bitcoin, Ethereum
- JustGiving now accepts over 60 cryptocurrencies for people to donate with
- 94% of crypto users are Millennials and Generation Z
- More than $2 billion has been donated to charitable causes over the past five years
UK-based fundraising platform JustGiving is teaming up with The Giving Block, a digital asset company, to start accepting crypto donations.
JustGiving now allows users to donate in more than 60 cryptocurrencies, including Bitcoin, Ethereum, Tether, and Doge, according to a report from UK Fundraising. The move comes as the crypto market is experiencing a surge in value, with Bitcoin recording a new all-time high of over $94,000 yesterday on CoinMarketCap.
According to JustGiving’s website, over the past 24 years, the fundraising platform has raised $7.2 billion (£6 billion) and is trusted by thousands of charities worldwide, including the Alzheimer’s Society, the British Heart Foundation, Macmillan Cancer Support, and Mind.
Pascale Harvie, President and General Manager of JustGiving, said:
“In recent years there has been a surge in the use of cryptocurrencies and our decision to enable cryptocurrency donations is the latest demonstration of our commitment to forward-thinking innovation.”
Tapping into a tech-savvy demographic is also key. According to JustGiving, 94% of crypto users are Millennials and Gen Z.
Alex Wilson, co-founder of The Giving Block, said that “charities need to tap into this new donor demographic,” adding:
“580 million people now use cryptocurrency around the world and the market is worth nearly $3 trillion. Our goal is to make accepting cryptocurrency donations just as easy as taking any other online donations.”
In a 2024 Annual Report from The Giving Block, it noted that more than $2 billion has been donated to charitable causes over the past five years.
Ethereum
Ethereum Consolidation Continues – Charts Signal Potential Breakout
Ethereum (ETH) has consolidated since November 12, when it hit a local high of $4,446. Despite Bitcoin’s impressive rally capturing market attention, Ethereum has struggled to maintain upward momentum and reclaim its yearly highs. The price action reflects a period of indecision, as ETH faces challenges in breaking through significant resistance levels that could reignite bullish sentiment.
Related Reading
While Ethereum lags behind Bitcoin in performance, analysts remain optimistic about its potential for a breakout. Notably, Carl Runefelt, a prominent crypto analyst, recently shared a technical analysis suggesting that ETH is on the verge of a major move.
According to Runefelt, Ethereum must push above a key resistance level to trigger a breakout and rejoin the broader market’s bullish trend.
As the second-largest cryptocurrency by market cap, Ethereum’s next steps will be crucial for traders and investors watching the market closely. A breakout above resistance could signal the start of a new upward phase, while continued consolidation might test the patience of market participants. With technical signals aligning and speculation building, Ethereum’s price action in the coming days will likely set the tone for its performance in the weeks ahead.
Ethereum Prepares To Surge
Ethereum has been underwhelming in its price action since March, struggling to keep pace with Bitcoin’s performance. Despite a few notable surges, ETH has yet to achieve the breakout investors eagerly anticipate.
Related Reading: Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed
The prolonged consolidation has frustrated some traders, but an optimistic sentiment remains among those who believe Ethereum is poised for a significant rally once it clears key supply levels.
Top crypto analyst Carl Runefelt recently shared his technical analysis on X, highlighting Ethereum’s current position within a bullish flag pattern. According to Runefelt, ETH has attempted to break out of this formation for the past two weeks, facing stiff resistance at critical supply zones. However, he remains confident that it could rapidly surge to $4,150 once Ethereum breaches this level.
Such a move would mark a substantial percentage increase from current prices, sparking a wave of investor enthusiasm. The fear of missing out (FOMO) could drive additional buying momentum, creating a self-reinforcing price appreciation cycle. If ETH follows this trajectory, it would confirm the bullish flag breakout and signal Ethereum’s return to a dominant position in the crypto market.
ETH Price Action: Technical Details
Ethereum is trading at $3,120 following several days of sideways consolidation below its recent local high of $3,446. Despite the pause in upward momentum, ETH has shown strength by surging above the critical 200-day moving average (MA), currently at $2,957, and maintaining its position above this key technical indicator.
The 200-day MA is often a pivotal line between bullish and bearish trends. Ethereum’s ability to stay above it signals robust support from buyers and growing confidence in the market. If ETH continues to hold this level, it could pave the way for a bullish surge, with the first target being the local top at $3,446.
Beyond that, a break above this resistance level could see ETH aiming for yearly highs near $4,000, reigniting enthusiasm among traders and investors. Such a move would likely confirm Ethereum’s return to a sustained uptrend, aligning it more closely with Bitcoin’s recent bullish performance.
Related Reading
However, losing the 200-day MA as support could introduce risks of a pullback, potentially sending ETH to retest lower levels. Ethereum’s price action remains strong, with the market eagerly watching for the next significant move.
Featured image from Dall-E, chart from TradingView
Ethereum
Ethereum Holders Endure Unrealized Losses – Is ETH Undervalued?
Ethereum (ETH) has been underperforming in this cycle, trailing far behind Bitcoin’s impressive rally to new all-time highs. While Bitcoin captures headlines with its continued surge, ETH struggles to reclaim its yearly highs, leaving many investors questioning its next move.
Despite the lackluster price action, data from CryptoQuant CEO Ki Young Ju reveals a silver lining for ETH holders. According to Ju, many ETH investors are enduring unrealized losses, reminiscent of ETH’s early 2020 bottom before its explosive bull run. This suggests that the current market conditions might offer a unique opportunity for long-term ETH investors.
Ju’s analysis highlights that substantial price recoveries have historically followed such phases of unrealized losses. If Ethereum starts to gain momentum and close the gap with Bitcoin, the potential gains could be massive. For investors, this could mark the beginning of an upward trend, rewarding those who remain patient during this period of consolidation.
With market sentiment shifting and historical data supporting a bullish case, ETH’s next move could be pivotal. Investors and analysts closely watch ETH’s price action, hoping for signs of a breakout that could reignite its momentum and deliver significant returns.
Last Chance To Buy Ethereum?
Despite Ethereum’s underwhelming performance this cycle, there are signs of bullish price action in recent weeks. ETH has remained relatively stagnant compared to Bitcoin’s meteoric rise. However, optimistic signals suggest this could be the last opportunity to accumulate ETH at discounted prices before it starts its ascent toward new highs.
Critical data from CryptoQuant CEO Ki Young Ju sheds light on an interesting development: the ETH-BTC NUPL (Net Unrealized Profit/Loss) has reached a 4-year low. This indicates that, despite Ethereum’s lagging performance against Bitcoin, many ETH holders are enduring unrealized losses.
This mirrors Ethereum’s early 2020 bottom situation, just before it began its explosive rally. Ju believes that this period of underperformance might present an opportunity for long-term ETH investors, as it could set the stage for a potential surge.
However, Ju also notes that Ethereum’s future heavily depends on the revenue generated by Web3 applications, particularly through stablecoins. While the ecosystem remains promising, it also feels heavily leveraged, and the issue of sustainable growth through Web3 app revenue doesn’t seem likely to resolve anytime soon.
Over a one-year timeframe, Ju finds ETH less appealing than BTC, although regulatory clarity in the future could change the dynamics and enhance Ethereum’s appeal. For now, this period of consolidation presents a critical moment for ETH believers to position themselves before any significant price movements.
ETH Testing Crucial Demand
Ethereum is testing crucial demand above the $3,000 level, trading at $3,120 after several days of sideways consolidation below its local high at $3,446. This consolidation suggests that ETH is preparing for a potential breakout, especially with its recent surge above the key 200-day moving average at $2,957. Holding above this key support level is critical for maintaining bullish momentum.
If Ethereum stays above the 200-day moving average and continues its upward trajectory, the next major resistance zone will be the local high at $3,446. A successful breakout above this level could pave the way for ETH to challenge its yearly highs, potentially reaching the $4,000 mark.
The current price action indicates a solid demand foundation above $3,000, and if ETH can maintain this level, it could trigger a bullish surge. However, failure to hold above the 200-day moving average could lead to a retest of lower support levels, such as $2,900 or even $2,500.
As of now, ETH remains poised for a potential move higher, and traders are watching closely for confirmation of a breakout to new highs.
Featured image from Dall-E, chart from TradingView
-
Market11 hours ago
This is Why MoonPay Shattered Solana Transaction Records
-
Market13 hours ago
Dogecoin (DOGE) Price Momentum Weakens Despite Rally
-
Market18 hours ago
How WIF Active Addresses Could Affect the Meme Coin Price
-
Altcoin13 hours ago
Crypto Analyst Says Dogecoin Price Has Entered Parabolic Surge To $23.36. Here Are The Reasons Why
-
Altcoin23 hours ago
Canada’s SOL Global Raising Millions to Buy Solana Tokens
-
Market12 hours ago
Steady Climb Toward New Highs
-
Regulation15 hours ago
US SEC Pushes Timeline For Franklin Templeton Crypto Index ETF
-
Market15 hours ago
RENDER Price Soars 48%, But Whale Activity Declines