Beijing News reported:
Ethereum ETFs are becoming increasingly popular in the United States. ETH fell by 12% last week, but some market indicators suggest a reversal of the trend.
Ethereum (ETH) has faced multiple price adjustments in the past month. This happened as the long-awaited ETH ETF is expected to be launched.
So let’s take a look at the progress of ETH and see if its launch will benefit the king of altcoins and surpass Bitcoin in the coming days.
Is the Ethereum ETF hype not enough?
Investors and the entire cryptocurrency market have been patiently waiting for the launch of the ETH ETF. According to the latest data, the Ethereum ETF may be launched on July 15.
Research by AMBCrypto on Google Trends data shows that the popularity of the Ethereum ETF in the United States has remained unchanged in the past 30 days, reflecting the hype surrounding them.
Despite the approaching launch date and the apparent excitement in the market, Ethereum is still struggling to improve its price.
According to CoinMarketCap data, ETH has fallen by more than 125 points in the past seven days. At the time of writing, the token’s trading price is $3045.32, with a market capitalization of over $366 million.
One possible reason behind this bearish price trend may be the lack of confidence investors have in ETH.
Analysis of Santiment data by AMBCrypto shows that ETH’s weighted sentiment plummeted last week. This clearly indicates that bearish sentiment dominates around the token.
Bitcoin vs Ethereum ETF
As ETH remains bearish as the launch date approaches, AMBCrypto plans to compare the status of Ethereum and Bitcoin before the ETF is launched.
Our analysis shows that the price of BTC started to gain bullish momentum before its ETF launch date.
Specifically, the price of BTC started to fluctuate in November 2023 and reached its peak during the BTC ETF launch period on January 10, 2024. However, shortly after the launch, the price of BTC started to decline.
In this regard, Bitcoin clearly dominated Ethereum. However, to understand whether ETH plans to be bullish in the week before the ETF launch, we analyzed the daily chart of Ethereum.
We found that Ethereum’s Relative Strength Index (RSI) has increased after touching oversold territory.
Additionally, the Money Flow Index also shows a similar upward trend. This suggests that ETH may turn bullish in the coming days.
Nevertheless, the Chaikin Money Flow (CMF) is still moving south. The MACD also shows a bearish dominance in the market.