Crypto ETF Optimism Sends ETH Bulls Charging for $1,950

MartinBH charging bull editorial illustration use a consistent ec60675b 2cd4 4a64 89c1 4213ead23658

Get ready for a rollercoaster ride with ETH! Amid the bustle of staking inflows and fluctuating US economic indicators, the real star of the show remains the Crypto ETF-related buzz.

Ethereum (ETH) bounced back with a 1.31% rise on Thursday, partially offsetting a 3.23% decline from Wednesday, ending the day at $1,853. Despite a bullish performance, ETH remained shy of the coveted $1,900 mark for two days straight.

Bullish Beginnings, ETH Scores an Early Afternoon High

ETH started the morning on a bullish note, leaping from an opening bid of $1,828 to an early afternoon peak of $1,879. However, faced with the first major resistance level at $1,874, ETH retreated slightly to close the day at $1,853.

Fidelity’s ETF-Linked Announcement Fuels Bullish Wave

Thursday’s packed session saw US economic indicators and Federal Reserve speculations shake the riskier asset classes during the afternoon. Encouraging Q1 GDP figures and a decline in US jobless claims stoked expectations of a July Fed rate hike and a possible September move.

However, it was the crypto news that brought some much-needed buoyancy. Cboe BZX Exchange’s reapplication for approval of the Wise Origin Bitcoin Trust — previously rejected by the SEC — spurred optimism. The green light for the Volatility Shares Trust 2x Bitcoin Strategy ETF has led to an expectation of more such applications in the pipeline.

ETH Poised to Win Big in Crypto ETF Arena

ETH stands to reap benefits from the burgeoning ETF market. HSBC’s recent announcement of its clients gaining access to BTC and ETH exchange-traded funds (ETFs) set the crypto world abuzz.

As asset managers are dipping their toes into spot BTC ETFs in the US, there’s a chance that ETH ETFs could attract institutional investors in the future.

Bearish Staking Statistics Sway Investor Sentiment

CryptoQuant reports revealed a rise in staking inflows from 28,288 ETH on Wednesday to 37,152 on Thursday. However, they stayed below the 100,000 ETH threshold and Thursday’s trend.

Withdrawal forecasts for the morning were also bearish, predicting that primary ETH withdrawals will continue to be above average levels.

Wednesday’s net ETH staking balance reported a 3,930 ETH deficit over 24 hours, translating to a negative balance of $7.29 million. The drop in the staking APR continues to hamper staking inflows and is negative for ETH prices.

Looking Ahead

The US economic calendar is packed for Friday. The US Core PCE Price Index and personal income data will likely influence the Fed’s near-term monetary policy actions.

Beyond the US economic outlook, discussions about Crypto ETFs and SEC v Ripple Court rulings will undoubtedly pique interest. However, ETH staking stats and updates related to SEC v Binance and SEC v Coinbase (COIN) will also guide the direction.

Steve Beckford

Steve Beckford

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 67,296.03
ethereum
Ethereum (ETH) $ 3,751.20
tether
Tether (USDT) $ 0.998662
bnb
BNB (BNB) $ 593.89
solana
Solana (SOL) $ 169.48
staked-ether
Lido Staked Ether (STETH) $ 3,750.76
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.523718
dogecoin
Dogecoin (DOGE) $ 0.165240
shiba-inu
Shiba Inu (SHIB) $ 0.000027
cardano
Cardano (ADA) $ 0.452648
the-open-network
Toncoin (TON) $ 6.46
avalanche-2
Avalanche (AVAX) $ 36.42
chainlink
Chainlink (LINK) $ 18.52
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,327.04
polkadot
Polkadot (DOT) $ 7.18
tron
TRON (TRX) $ 0.112235
bitcoin-cash
Bitcoin Cash (BCH) $ 466.06
near
NEAR Protocol (NEAR) $ 7.63
uniswap
Uniswap (UNI) $ 10.48
matic-network
Polygon (MATIC) $ 0.716975
litecoin
Litecoin (LTC) $ 83.69
pepe
Pepe (PEPE) $ 0.000015
internet-computer
Internet Computer (ICP) $ 12.09
fetch-ai
Fetch.ai (FET) $ 2.21
leo-token
LEO Token (LEO) $ 5.96
dai
Dai (DAI) $ 1.00
wrapped-eeth
Wrapped eETH (WEETH) $ 3,898.63
ethereum-classic
Ethereum Classic (ETC) $ 30.48
render-token
Render (RNDR) $ 10.28
aptos
Aptos (APT) $ 9.10
dogwifcoin
dogwifhat (WIF) $ 3.80
hedera-hashgraph
Hedera (HBAR) $ 0.103440
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,715.75
cosmos
Cosmos Hub (ATOM) $ 8.70
arbitrum
Arbitrum (ARB) $ 1.15
immutable-x
Immutable (IMX) $ 2.22
mantle
Mantle (MNT) $ 0.995629
kaspa
Kaspa (KAS) $ 0.137034
filecoin
Filecoin (FIL) $ 5.82
crypto-com-chain
Cronos (CRO) $ 0.116879
stellar
Stellar (XLM) $ 0.107036
the-graph
The Graph (GRT) $ 0.310260
first-digital-usd
First Digital USD (FDUSD) $ 0.998194
ethena-usde
Ethena USDe (USDE) $ 1.00
blockstack
Stacks (STX) $ 1.93
okb
OKB (OKB) $ 45.80
optimism
Optimism (OP) $ 2.52
bittensor
Bittensor (TAO) $ 396.15
floki
FLOKI (FLOKI) $ 0.000269