Welcome to HODL FM, your one stop shelf for all cryptocurrency markets coverage and price analysis. In our what happened to crypto this week, we are going to look at Ethereum’s perfomance over the last 7-days.
Related: What is Ethereum? Explainer
Brief spotlight on Ethereum’s market perfomance
- Weekly price change for Ethereum (ETH): ETH is up to $3,500 this week after posting a 3.85% positive change.
- Ethereum (ETH) Market Capitalization: The market capitalization for the largest altcoin moved from $408 billion to $425 billion.
- Ethereum Project of the Week: Etherfi Unique Active Wallets (UAWs) increased by a staggering 626.51% over the previous 7-days. Uniswap V3 still leads by the number of UAWs.
- Performance of Ethereum Memes: Non Playable Coin (NPC), Turbo (TURBO) and HarrypotterObamaSonic10Inu led Ethereum meme coins this week with 70%, 45% and 43.75% increase over the past week, respectively.
- New Listings: Trading of newly launched Ethereum ETF’s products will kick off trading this week.
Ethereum price action tested the $3,500 level last week and has been trading within the range till the third week of July. However, the altcoin tested this level following news of the final stages of spot Ether ETFs launch which are expected to kick off trading on 23rd July 2024. Nonetheless, the price has still recorded a notable positive change of 3.85% over the previous seven days.
Ethereum Technical Analysis
Ethereum (ETH) continues trending above the 50-day Simple Moving Average (SMA) at $3,441, an indication that buyers are eager to extend the recovery from the psychological support ($3,000). They have already pushed the price past $3,500, and are likely to hit their next target of $3,730 if they can retain the momentum.
There is a likelihood of the $3,700 - $3,800 level attracting break-even sellers but the prospects of the newly launched ETFs could change their minds. Besides, the market is looking forward to the $4,000 levels once the ETFs begin trading.
On the contrary, Ethereum price action could drop to $2,850 if the bulls are not strong enough to sustain the 20-day Simple Moving Average at $3,235, an important level that buyers need to defend strongly.
Ethereum ETFs Commence Trading This Week
Commencement of Ethereum ETFs this week has spiked interest in the cryptocurrency community. Yesterday, the price of ETH jumped from $3,450 to $3,541 when the investment assets manager Grayscale confirmed its two spot Ethereum ETFs were about to start trading.
Wintermute, a crypto market marker forecasted that Ethereum ETFs were going to attract over $4 billion in capital inflows by the end of 2024, thereby driving Ethereum price action by 24%.
Meanwhile, Bitwise has announced to donate 10% of proceeds from spot Ethereum ETFs to Ethereum’s open source developers. It says this will highlight the significance of supporting Ethereum’s underlying ecosystem.
More: SEC Approves spot Ethereum ETFs ProShares and Grayscale Ethereum Mini Trust
That’s all for Ethereum market analysis this week, as we anticipate how the cryptocurrency’s price will react to new ETF inflows as they commence trading.
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