The Ethereum price is trading at $3,485, down 0.2% over the last 24 hours, as the market awaits the launch of the first spot Ethereum ETFs in the United States.
The Chicago Board Options Exchange (CBOE) confirmed July 23 as the launch date for the five ETFs assigned to trade on its platform: 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.
The four other spot ETH ETFs are expected to trade either on the Nasdaq or the New York Stock Exchange (NYSE) Arca. Even though there is no official announcements from those exchanges yet, they are widely expected to list on Tuesday, July 23 as well.
The anticipated listings are a defining moment for cryptocurrency markets and an opportunity for millions of US institutional and retail investors. Here’s what you need to know to make the most of it.
Meanwhile, data from Santiments shows that ETH traders have to move with caution as Ethereum supply on exchanges has been rising consistently, 19.56 million on July 19 alone.
Ether supply on exchanges. Source: Santiment
Increasing supply of an asset on exchanges suggests an intent to sell among holders, which could negatively impact on the price.
This means that the entry of spot Ethereum ETFs into the market may be a “sell-the-news” event with traders seeking to cash in on the latest rally to the current levels.
Ethreum price needs to reclaim $3,500 to secure the uptrend
The Ethereum priec action had led to the appearance of an ascending paralle channel as shown on the daily chart below. At the time of writing, ETH was struggling to rise above the middle boundary of the channel at $3,500.
A daily candlestick close above this crucial level will see ETH rise toward the upper boundary of the channel at $$3,630. Above this, the bulls will make a run toward the March 14 high at $4,094, representing an 18% uptick from the current price.
ETH/USD daily chart. Source: TradingView
Conversely, failure to produce a decisive close above $3,500 would mean that the ongoing correction may not be over. The price of the smart contract token may drop first toward the $3,300 demand zone, where both the 50-day exponential moving average (EMA) and the 100-day EMA sit. Later, the 200-day EMA at $3,118 may provide the much needed support for the price, preventing a deeper drop toward the start of the
