Ethereum Price Analysis: Are Whales Ready To Sell Post ETH ETF Launch?

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As a seasoned researcher with extensive experience in following Ethereum’s price movements and market trends, I am confident that Ethereum is primed for significant growth, potentially surpassing $4,000 and nearing previous all-time highs. The upcoming launch of spot Ethereum ETFs on the Chicago Board Options Exchange (CBOE) on July 23 adds fuel to this bullish outlook.

Ethereum‘s bullish trajectory appears set to carry it past the $4,000 mark and bring it closer to its previous record highs. This optimistic view paves the way for the anticipated debut of spot Ethereum ETFs this week. The current Ethereum price assessment underscores the significance of the $3,400 support level in sustaining the upward trend, despite recent unusual behavior from large investors over the past fortnight.

Ethereum Whales Deposit Into Exchanges Ahead Of ETF Launch

Last week, the Chicago Board Options Exchange (CBOE) announced that five spot exchange-traded funds (ETFs) are set to begin trading on their platform starting July 23, subject to regulatory approval.

In May, the Securities and Exchange Commission (SEC) approved rule adjustments enabling Ethereum spot ETFs to be listed on the exchanges. This milestone notwithstanding, the SEC required additional time to review and approve the registration documents (S-1 forms) of all the prospective operators.

Based on recent events, the following Ethereum-focused ETFs are anticipated to begin trading on Tuesday: Franklin Ethereum ETF, 21Shares Ethereum Core ETF, VanEck Ethereum Investment Trust, Fidelity Ethereum Index Fund, and Invesco Galaxy Ethereum Crypto Index Fund.

To get ready for active market trading, Ether ETF creators have unveiled several initiatives. Some of these include temporarily waiving and reducing fees in order to secure an early lead.

Based on estimates, Ethereum ETFs are expected to draw in billions of dollars in investments over the coming months. With this influx of funds, Ethereum’s price may rise and surpass the $4,000 resistance level as it strives to reach new heights above $5,000.

Over the past nine days, there has been significant Ethereum activity on the blockchain from major investors. Two of these investors moved a substantial amount, equal to 25,865 ETH or around $89 million, to centralized exchanges. This could potentially indicate they are planning to sell following upcoming news events.

A prominent investor with the Ethereum address beginning “0xbec” transferred 11,965 ETH, equivalent to approximately $41.4 million at a rate of $3,457, to Binance. This investor now possesses a total of 51,462 ETH or around $180 million. Their current profit stands at an impressive $29.9 million.

A large Ethereum holder identified as another whale (0x7d6) has moved 13,900 ETH, equivalent to around $47.6 million at a rate of $3,427 per ETH, to OKX. This whale owns approximately $657 million worth of Ethereum, distributed between two wallets.

Over the past nine days leading up to the upcoming Ethereum ETF debut, two major cryptocurrency investors, referred to as “whales,” have transferred a total of 25,865 Ethereum tokens worth approximately $89 million to cryptocurrency exchanges.
1️⃣ Whale 0xbec moved 11,965 $ETH to #Binance at ~$3,457 ($41.4M) in the past 5 days.
• Last action: 12hrs ago
• Holding: 51,462 $ETH (~$180M)
• Est. profit: $29.9M…
— Spot On Chain (@spotonchain) July 22, 2024

Transferring larger amounts of assets into exchange deposits can be an indicator of impending selling activity. With significant events like the Ethereum ETF launch, investors may choose to sell their Ethereum holdings through exchanges at that time.

Analyzing the price trend of Ethereum is crucial for determining its future movement. Is it more likely that traders will sell off their holdings following the news, leading to a potential decrease in value? Or will there be a surge in buying pressure, pushing the price above $4,000? By examining Ethereum’s price behavior, we can make an informed prediction about its future direction.

Ethereum Price Analysis: ETH Bulls Gearing Up A Major Breakout

The price of Ethereum is close to breaking through the $3,500 barrier during European business hours on Monday. A significant support level currently exists at $3,492, which is a merging point formed by the middle band of the Bollinger Bands and the 20-day Exponential Moving Average (EMA).

Ethereum Price Analysis: Are Whales Ready To Sell Post ETH ETF Launch?

As a researcher studying Ethereum (ETH) price movements, I would describe it this way: The yellow marking indicates the hurdle bulls need to surmount in order for ETH’s forecasted price to reach $4,000. Traders should keep an eye out for resistance above this level and a daily closing price above it to confirm the uptrend’s persistence.

If the Ethereum ETF launch is met with resistance from whales, the price levels at around $3,400 (grey band) and $3,200 will act as important sources of liquidity, potentially fueling a robust rebound to set new record highs.

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2024-07-22 14:00