ETH/BTC Price Prediction This Week: Why the $3,500 Barrier Remains Unbroken Despite $1.1B spot-Ether ETF Volume. What’s the Best Move?
Despite the impressive trading volume exceeding $1.1 billion by the close of business on the inaugural day of spot Ethereum ETFs trading, the ETH price has found it challenging to cross the $3,500 mark.
Ethereum’s price remained stagnant as the spot Ethereum ETFs began trading on Tuesday at 9:30 a.m. NJT. Meanwhile, data from CMC shows Bitcoin price hovers around $65,800. At the time of writing, Ethereum is weak against Bitcoin, trading at $3,440, potentially turning the ETF launch into a sell-the-news event, as different sources suggested.
Technically Speaking, Things Are Looking Up for Ether
The ETH/BTC price chart shows a downtrend from the peak in late May, characterized by lower highs and lower lows. The chart indicates a potential falling wedge pattern, typically a bullish continuation pattern. Given the resistance zone around the 50-day and 200-day EMAs, a break below the lower trendline could confirm further downside.
ETH/BTC Price Chart, Source: TradeView
If the falling wedge resolves to the upside, Ethereum price may gain against BTC and surge as high as 0.0545 BTC to test the upper trend line. A break higher may catapult the ETH price to 0.0574 BTC, which coincides with the next major resistance. Conversely, if bears push the price lower, 0.0511 BTC presents a zone of robust resistance-turned-support.
ETH/BTC Trend Analysis/Indicators Source: TradeView
A contributory factor to the trend above would be the spot Ethereum ETF, which received massive hype and speculation weeks before its launch. Grayscale is the largest ETH ETF, with $8.6 billion in net assets. However, data from SoSo Value reveals that Grayscale has experienced $484 million in outflows since the ETF’s launch. Nevertheless, the cumulative net inflow was a positive $106.78 million, marking a successful first day of trading.
As reported by Coinfomania, according to Bloomberg analyst James Seyffart, the first day of the 7 spot ETH ETFs had a total inflow of $107 million and a total trading volume of over $1.1 billion. Despite these impressive numbers, Ethereum’s price struggles to break the $3,500 mark. This trend, as some might argue, points to the fact that high trading volumes do not always directly correlate with price increases.
Price Prediction Show ETH Might Nail it This Week
According to CoinCheckup, the price of ETH is expected to rise by 1.47% in the next seven days and reach $3,544.53. This prediction aligns with the current market sentiment and Ethereum’s recent price action. In the longer term, Ethereum’s forecast is bullish. CoinCheckup estimates that the ETH price will reach $6,318.01 one year from now, representing an 80.87% increase. This prediction is backed by CoinLore, which forecasts that ETH’s price could hit $3,898 in the next 10 days. For the long-term forecast, CoinLore predicts that the price for 2025 will be $2,591, and the prediction for 2030 is $5,095. As for Bitcoin, the current price is $66,894.00, down by 0.47% in the past 24 hours per CoinMarketCap data at the time of writing.
Can ETH sustain its momentum and surpass the $3,500 barrier?
Market observers are keen to see how ETH ETFs will perform compared to their Bitcoin counterparts. With a larger investor base, though, they should perform better and enhance liquidity.
Citi estimates approximately $5.4 billion in inflows within the first half-year for ETH ETFs. Despite the lack of staking and Bitcoin’s first-mover advantage, the crypto community remains hopeful about ETH’s prospects.
Considering these factors, the market appears optimistic about Ethereum’s prospects despite the current resistance at the $3,500 level. The most prudent move could be to stay investment-ready and closely monitor market reactions and sentiments about ETH in the coming days.
The post ETH/BTC Price Prediction This Week: Why the $3,500 Barrier Remains Unbroken Despite $1.1B spot-Ether ETF Volume. What’s the Best Move? appeared first on Coinfomania.
