Spot Ether ETFs See Impressive Trading Volume Following Launch in the US
Title: Ether Price Expected to Rally to All-Time Highs Following Spot Ether ETF Launch
Analysts are predicting that Ether’s price could soar to all-time highs in the coming months after the launch of the first-ever spot Ether exchange-traded funds (ETFs) in the United States. Traders are calling these funds “heavily undervalued.”
The spot Ether ETFs began trading on July 23, following final approval from the US Securities and Exchange Commission for issuers such as BlackRock, Fidelity, and others. Within just 15 minutes of trading, the ETFs saw an impressive volume of $120 million.
Experts like Michaël van de Poppe and Daan Crypto Trades are optimistic about the potential for Ether’s price to reach new highs. Van de Poppe believes the ETF launch is undervalued and expects Ether to trade towards an all-time high in the next 1-2 months.
Daan Crypto Trades noted the initial flows as “decent” and predicted increased volatility in the crypto market. They highlighted key resistance levels that Ether bulls need to overcome for the uptrend to continue.
Investor Alessa Mutto expressed bullish sentiment towards crypto and ETFs, anticipating a parabolic rise in the coming years. However, Mutto acknowledged that spot Ether inflows will ultimately determine the future direction of Ether’s price.
Spot Ether ETFs have already accumulated $361 million in trading volume within the first 90 minutes of trading, according to Bloomberg senior ETF analyst Eric Balchunas. This rapid trading activity is reminiscent of the successful launch of spot Bitcoin ETFs earlier this year, which saw $300 billion in cumulative trading volume in the first six months.
Overall, the launch of spot Ether ETFs has generated significant excitement in the market, with traders and analysts alike anticipating a potential surge in Ether’s price in the near future.