virtual currency analyst michael van de poppe predicts that upcoming Ethereum ETF news could trigger significant market moves, with Ethereum nearing its lowest point. Van de Poppe's analysis suggests a classic “sell the rumor, buy the news” scenario, which leads to large price movements. Ethereum The current price is $3,122.79, reflecting an increase of 1.02% in the past 24 hours. The market capitalization is approximately $375.1 billion.
Ethereum ETF news could increase volatility
Van de Poppe believes that upcoming Ethereum ETF news will have a significant impact on the market. He emphasizes the strategy of “selling rumors and buying news,” where investors sell assets based on rumors and buy them back when real news is released. This strategy often results in significant price fluctuations. Despite a 35.12% decline in trading volume to $9.53 billion, Ethereum maintains positive momentum, with the price fluctuating between $3,090 and $3,150 in the past 24 hours.
Van de Poppe's prediction highlights the possibility that Ethereum could experience a notable price surge once news of the ETF is officially announced. Although he expressed doubts about the approval: Ethereum ETFIn May he suggested: SEC Postpone the approval process instead of rejecting the application completely. The delay could shift market focus to the possibility of approval later in August.
Stability in ETH price suggests possibility of rebound
Technical analysis of the Ethereum market over the past 24 hours has shown significant movements in major indicators. Alligator indicators with jaws, teeth, and lips are located at positions 3055.21, 3020.53, and 3013.32, respectively. This convergence suggests that the market may be entering a trend-forming phase, marking the end of a consolidation phase and the beginning of a new trend.
Additionally, the Coppock curve, currently at -4.87, reflects bearish momentum. However, the overall trend from late 2023 onwards shows a significant upward trend, highlighting Ethereum's resilience. Despite the bearish Coppock curve, Ethereum’s price stability and positive momentum indicate the potential for a significant price rebound if the ETF news is confirmed.
Data from Coinglass shows a notable shift. ETH derivatives market. Overall trading volume decreased by 41.80% to $15.2 billion, while options volume plummeted by 51.55% to $320.63 million. Despite this decline, open interest increased by 1.28% to $11.89 billion, and open interest increased by 1.63% to $6.38 billion.
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