The post Ethereum ETFs Launch with Strong Volume; Traders sees ATH appeared on BitcoinEthereumNews.com.

Ethereum ETF opened for trading on July 23 with massive volume recorded on day 1. Many analysts believe the ETF hype might push Ethereum’s price toward $4,000 soon. The first ever Ethereum (ETH) Exchange-Traded Funds (ETFs) in the US debuted with strong volumes on Tuesday. Although ETH reacted with a muted response, traders are expecting new All-Time Highs (ATHs) above $3,730 soon. Impressive First-Day Numbers for Ethereum ETFs  Per our earlier report, the spot Ethereum ETF products commenced trading in the US on July 23, a day after receiving approval from the Securities and Exchange Commission (SEC). The issuers approved to trade Ethereum on the Nasdaq, NYSE Arca, and the Cboe stock exchanges include BlackRock, Grayscale, Bitwise, Franklin Templeton, VanEck, Invesco Galaxy, and 21Shares. In just 15 minutes of trading, the Ethereum ETF amassed an impressive volume of $112 million. Comparing this figure to spot Bitcoin ETFs first-day performance in January, popular crypto analyst Michael van de Poppe says the Ethereum ETF launch was “heavily undervalued.” The $ETH ETF has insane numbers. First 15 minutes already 50% of #Bitcoin‘s first day in terms of volume: $112 million. The Ethereum ETF launch is heavily undervalued and I expect it to trade towards an ATH in the coming 1-2 months. — Michaël van de Poppe (@CryptoMichNL) July 23, 2024 Fellow market traders like Randy Marcote on the X platform shared the same sentiments with van de Poppe.  “The Ethereum ETF is off to a roaring start! It seems like investors are really bullish on Ether, with trading volume in the first 15 minutes already hitting 50% of Bitcoin’s first day. That’s an impressive feat,” Marcote highlighted.  He, however, advised traders to focus on the Ethereum chart. He advised against getting carried away by the hype as the crypto market remains unpredictable. Another…

---

Filed under: News - @ July 25, 2024 12:14 am