This is HODL FM, a publication that takes it time to understand and deliver context.
Here is what happened to Ethereum this week:
- Ethereum price change: Ethereum price moved from $2,590 to $2,637 over the last seven days, presenting a weekly positive change of 0.78%.
- Ethereum Market capitalization: Ether market capitalization has remained relatively stable over the last one week at around $317 billion.
- Top performing Ethereum tokens: Top performing tokens on the Ethereum ecosystem were led by Aventus (AVT), League of Kingdoms Arena (LOKA) and Ultiverse (ULTI) which gained 52.97%, 43.04% and 40.89% over the last seven days respectively.
- A month of Ethereum ETFs: Ethereum Exchange Traded Funds have only recorded 1 week of inflows out of the 4 weeks in their first month since launching.
More: Ether ETF Launch Turns Out to Be a Flop — Is It or Isn’t It?
Ethereum price went up over the last 24-hours by 1.6% following gains in the overal crypto market which were fueled by Wednesday’s release of minutes from the U.S Federal Reserve’s meeting in July, which hinted of a potential interest rate cut in September, this year.
Now, crypto investors and market watchers are all ears, eagerly waiting to see if the Fed’s going to drop that rate like it’s hot.
How Did Ethereum Perform this Week?
Meanwhile, it does look like the bulls tried to give Ether a little nudge up the hill again on August 20, but the bears—had other plans to block any chances of breaking past the 20-day EMA at $2,707. So, the bears took the opportunity to swoop in and remind everyone who was the real slim shady.
Let’s put this into perspective in our weekly Ethereum price analysis:
Weekly Ethereum Price Analysis
ETH/USD Technical Analysis: Buyers Struggle to Break $2,700
Bulls are aiming to regain control by driving the ETH/USD pair above the 20-day EMA. If successful, the pair could rise to the $2,850 level, where a significant contest between the bulls and bears is likely to unfold.
On the other hand, the bears are expected to attempt to push the price below $2,500 in order to strengthen their position. Should they succeed, the ETH/USDT pair could decline to $2,300, a level anticipated to attract buyers. A breach of this support could potentially lead to a further drop to $2,111.
Ethereum Onchain Metrics Analysis: ETH market dominance is down from16.8% to 15.2%
A new report by blockchain analytics platform Glassnode has revealed the market dominance for Ethereum has remained relatively stable over the last two years stating that even though it dropped from 16.8% to 15.2%, it went down by a small margin.
#Bitcoin Dominance has surged from 38% in Nov 2022 to a notable 56% today. Meanwhile, #Ethereum, the second-largest asset, saw its dominance decline by 1.5%, remaining relatively stable over the past two years.
— glassnode (@glassnode) August 21, 2024
In contrast, Stablecoins and the broader Altcoin sector experienced… pic.twitter.com/Aa23pN2aRa
This Week Marks 1-month of Spot Ethereum ETFs
Ethereum (ETH) spot exchange-traded funds (ETFs) hit the trading floor on July 23, but instead of skyrocketing, they’ve been about as exciting as watching paint dry. Despite a strong start, it seems investors have already swiped left on these funds.
Or is it too early to judge?
In their first 30 days, ETH ETFs have seen more money heading out the door than in, with net outflows stealing the show. So far, they've only managed to get a single week of inflows—making it feel like they’ve won the investment equivalent of a participation trophy.
According to data from SosoValue, ETH spot ETFs experienced a significant net outflow of $341.35 million during their first week of trading, representing the largest outflow recorded to date. In the second week, the outflow decreased to $169.35 million, which also suggested that the pace of withdrawals continued dropping, albeit at a slightly slower rate.
Despite a further decline in ETH’s value during the third week, the ETFs recorded their first and only week of inflows over the last 1 month, amounting to $104.76 million.
Dayo Paul
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
