Ethereum

Bitcoin

Momentum

Gains

<ul>
 <li>Ethereum’s rebound from the $2,820 zone indicates positive market sentiment.</li>
 <li>The launch of Ethereum ETFs in Hong Kong attracted impressive inflows, totaling $292 million on the first day.</li>
</ul>
Amidst a challenging period for cryptocurrency markets, Ethereum has witnessed a notable resurgence, propelled by the launch of Ethereum-focused exchange-traded funds (ETFs) in <a href="https://thenewscrypto.com/hong-kongs-new-bitcoin-and-ether-etfs-hit-11-2m-volume-on-first-day/" target="_blank" rel="noopener noreferrer nofollow">Hong Kong</a>. The recent surge in Ethereum’s price trajectory followed a dip below the critical $3,000 mark, mirroring Bitcoin’s downward trend.
The Hong Kong spot market welcomed the introduction of Ethereum ETFs with a significant influx of $292 million on its first day, signifying a substantial investor interest in the digital asset. The newly minted Hong Kong ETFs, with a recorded $8.5 million on their debut, have emerged as a focal point for cryptocurrency enthusiasts in the region.
Experts are cautiously optimistic about the future of Ethereum ETFs in Hong Kong, despite the dominance of U.S.-based Bitcoin ETFs. With a trading volume of HK$87.58 million ($12 million) on day one, Ethereum ETFs signal growing interest in digital assets in Asia.
<h3 class="wp-block-heading" id="h-will-ethereum-eth-surge-further">Will Ethereum (ETH) Surge Further?</h3>
Despite Ethereum’s resurgence, marked by a rebound from the $2,820 zone, challenges persist as the digital currency faces resistance near the 100-hourly simple moving average. Currently trading at $2,988, Ethereum is poised to confront immediate hurdles at the $3,050 level, with the $3,150 threshold looming as a significant barrier.
However, <a href="https://thenewscrypto.com/hong-kong-spot-bitcoin-and-ethereum-etfs-set-to-debut-on-april-30/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>‘s failure to breach the $3,050 resistance level could catalyze another downward spiral, with initial support resting at the $2,780 mark. A breach below this level could potentially trigger a bearish trend towards the $2,600 and $2,450 zones.

Ethereum Gains Momentum Alongside Surge in Hong Kong ETFs

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TheNewsCrypto

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