Ethereum

Franklin

Ethereum Name Service

<p class="is-style-lead">Ethereum price was in a consolidation phase on Tuesday even as the Securities and Exchange Commission approved ETFs by companies like BlackRock, Invesco, Bitwise, and Franklin Templeton.</p> 
<p>The <a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a> token was trading at $3,500, where it has been stuck in the past few days after rising by 25% from its lowest point this month.&nbsp;</p> 
<h2 class="wp-block-heading" id="sec-approves-spot-ethereum-etfs">SEC approves spot Ethereum ETFs</h2> 
<p>The SEC <a href="https://crypto.news/ethereum-etfs-get-final-approval-trading-to-start-tuesday/" target="_blank" rel="noreferrer noopener">approved</a> spot Ethereum ETFs this week and expects them to start trading on Tuesday. This is a big event for Ethereum and the ETF issuers since the SEC has often warned that it sees Ether as a security because of its staking features.</p> 
<p>Some of the approved ETFs are ETH by Grayscale, EZET by Franklin Templeton, ETHV by VanEck, FETH by Fidelity, and ETHA by Blackrock. Most of these funds have a 0% starting fee, with Blackrock’s ETHA having a smaller 0.12% waiver.&nbsp;</p> 
<p>After that, Grayscale’s ETH will be the cheapest Ethereum ETF, with an expense ratio of 0.15%. The other cheaper funds will be EZET (0.19%), ETHV (0.20%), and ETHW (0.20%).</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">What are we expecting today for the Ethereum ETFs? <br><br>We expect them to begin trading tomorrow. That means we should see a bunch of filings on SEC site today that say the ETFs' prospectuses have gone "effective". Likely after or around market close. Here are the race entrants: <a href="https://t.co/AkBxEjBRvv" target="_blank" rel="">pic.twitter.com/AkBxEjBRvv</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1815395664051818873?ref_src=twsrc%5Etfw" target="_blank" rel="">July 22, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> You might also like: <a href="https://crypto.news/ethereum-name-service-jumps-7-on-day-spot-ethereum-etfs-launch/"> Ethereum Name Service jumps 7% on day spot Ethereum ETFs launch </a> </p> 
<h2 class="wp-block-heading" id="buy-the-rumor-sell-the-news">Buy the rumor, sell the news</h2> 
<p>In theory, Ethereum’s price should have risen after the news of such important ETFs. Besides, Bitcoin rose from below $40,000 in January when the SEC approved spot ETFs and reached a record high of $73,750.</p> 
<p>However, there is also a risk that Ethereum will retreat since the ETF approval was in line with expectations. These expectations partly explain why Ether has risen by over 25% from its lowest point this year.</p> 
<p>In price action analysis, this situation is known as ‘buy the rumor, sell the news’. It happens when an asset rises in anticipation of a big event and then falls when it happens.&nbsp;</p> 
<p>A good example of this is what happened in 2023 when the SEC partially lost its lawsuit against Ripple. The XRP token rose to $0.9325 that day and then slumped by 60% and bottomed at $0.3821 this month.&nbsp;</p> 
<p>Fortunately for Ethereum, it has formed a bullish flag chart pattern, which is often a sign of continuation. More upside will be confirmed if it rises above the upper side of the flag pattern at $3,570.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14286596"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Ethereum-Price.jpeg.webp"> 
  <img loading="lazy" decoding="async" width="3555" height="1873" src="https://crypto.news/app/uploads/2024/07/Ethereum-Price.jpeg" alt="Ethereum price"> 
 </picture> 
 <figcaption class="wp-element-caption">
  Ethereum price has formed a bullish flag pattern
 </figcaption>
</figure> 
<p>Ethereum also has some solid fundamentals. As Blackrock’s Jay Jacobs noted, the network has a real utility since it is the most popular blockchain network in <a href="https://defillama.com/chain/Ethereum" target="_blank" rel="">Decentralized Finance</a> (DeFi), metaverse, stablecoins, and non-fungible tokens (NFT). It has over $79 billion in stablecoins and has already collected over $1.8 billion in fees this year.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Here's BlackRock's Ether pitch to normies via <a href="https://twitter.com/JayJacobsCFA?ref_src=twsrc%5Etfw" target="_blank" rel="">@JayJacobsCFA</a>: "While many see bitcoin's key appeal in its scarcity many find ethereum's appeal in its utility.. you could think of ethereum as a global platform for applications that run without decentralized intermediaries" <a href="https://twitter.com/search?q=%24ETHA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ETHA</a> <a href="https://t.co/ffyglfSTiB" target="_blank" rel="">pic.twitter.com/ffyglfSTiB</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1815525501152178615?ref_src=twsrc%5Etfw" target="_blank" rel="">July 22, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Ethereum also has a long track record of beating Bitcoin. It has risen by 1,600% in the past five years, while Bitcoin has jumped by 600%.</p> 
<p>Therefore, the same investors who have allocated cash in Bitcoin ETFs like Millenium Management, Susquehanna, and Apollo Global may decide to allocate some to these ETFs.&nbsp;All this is happening at a time when <a href="https://crypto.news/ethereum-price-steady-as-balances-in-exchanges-drop-open-interest-rises/" target="_blank" rel="noreferrer noopener">Ethereum balances</a> in exchanges have dropped sharply this year.</p> 
<p> You might also like: <a href="https://crypto.news/btc-etf-inflows-reached-533m-ahead-of-eth-etf-launch/"> BTC ETF inflows reached $533m ahead of ETH ETF launch </a> </p>

Ethereum price could see sell-the-news retreat following ETF approval

Table of Contents

crypto.news

Other articles published on Jul 23, 2024

XRP Price Poised for More Upsides: Will the Rally Continue?

Is it Safe Enough to Invest in Safe Coin Post MoonBag Presale 2024 Success?

Bitcoin Price Prediction: Warning Signals Point to Potential Drop to $60K; Turning Resistance int...

State Street Stablecoins and Deposit Tokens Are Now Being Promoted

Avail Launches its Data Availability Mainnet and Native Token

Analysis Company Explained Why Ethereum (ETH) Price Didn't Rise, Pointed to This Date for the Rise!

Join our free newsletter for daily crypto updates!