Possible Ethereum price action after start of ETH ETF trading
Updated
Hello guys,
ETH ETF trading officially started on 23rd July and I would like to discuss what we can expect from Ethereum price in short and mid terms.
If story repeats itself then we can expect price drop on ETH in short term as it was with Bitcoin after start of BTC ETF trading. I remind that Bitcoin price dropped on 20% after the start of BTC ETF trading. Same thing can happen with Ethereum price in coming days and weeks.
Also, as it was with Bitcoin after beginning of ETF trading, there is huge outflow from Grayscale which puts a lot of pressure on the price. This can last for a few weeks and after that we can expect reduction of selling pressure and new wave of the uptrend.
Another story here is that even after beginning of ETF trading Ethereum price still follows Bitcoin price and at the moment there is selling pressure on BTC as Mt.Gox exchange transferring another big part of what they should repay.
In conclusion, we have to wait when outflow from Grayscale reduces and when Mt.Gox will transfer most of their funds for repayment. These two events will reduce selling pressure for both assets and will help to resume the uptrend.
Please, do not forget to boost this idea and leave your comments below, thanks.
ETH ETF trading officially started on 23rd July and I would like to discuss what we can expect from Ethereum price in short and mid terms.
If story repeats itself then we can expect price drop on ETH in short term as it was with Bitcoin after start of BTC ETF trading. I remind that Bitcoin price dropped on 20% after the start of BTC ETF trading. Same thing can happen with Ethereum price in coming days and weeks.
Also, as it was with Bitcoin after beginning of ETF trading, there is huge outflow from Grayscale which puts a lot of pressure on the price. This can last for a few weeks and after that we can expect reduction of selling pressure and new wave of the uptrend.
Another story here is that even after beginning of ETF trading Ethereum price still follows Bitcoin price and at the moment there is selling pressure on BTC as Mt.Gox exchange transferring another big part of what they should repay.
In conclusion, we have to wait when outflow from Grayscale reduces and when Mt.Gox will transfer most of their funds for repayment. These two events will reduce selling pressure for both assets and will help to resume the uptrend.
Please, do not forget to boost this idea and leave your comments below, thanks.
Note
Ethereum price dropped below 3200 level. If this trend continues then we might see ETH at 3000 level soon. This will be 15% drop from the start of ETH ETF trading.Note
Ethereum didn't manage to hold above 3300 and now back below 3200 again thanks to Bitcoin dump and outflow from Grayscale.There are some positive signs there as Grayscale outflow is significantly reducing and we can expect that inflow from other ETF's will cover that outflow.
Also, Ethereum whales are buying significant amount of ETH on the current levels and this could be sign that price will go up soon.
Note
Ethereum price tested 3000 support level.As I indicated on this chart 3000-2800 support area is very good spot to buy ETH in long term.
Also, 3000-2800 will mark 15% to 20% dump from the start of ETH ETF trading. This is similar to what happened after start of BTC ETF trading.
Note
Ethereum price followed Bitcoin dump and dropped on 30% in the last 24 hours reaching support level at 2140. Honestly, I didn't expect that huge dump on ETH price as it stayed relatively strong after start of ETH ETF trading and been trading within expected range.
Now we have to wait and see how deep price will plunge.
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