As the hype surrounding the Spot Ethereum ETF wanes, the price of Ethereum (ETH) is experiencing a significant downturn.
However, amidst the growing FUD in the ETH markets, another coin is capturing widespread attention for compelling reasons.
This article will provide an analysis of Ethereum’s current price trends and look to see whether an innovative new meme coin, Pepe Unchained, represents a more promising investment opportunity at this time.
Despite a seemingly muted market reaction to the launch of Spot Ethereum ETFs, many believe the sense of disappointment amongst Ethereum traders is overstated.
Ethereum is now below where it was when the eth etf was surprise approved
billions and billions and billions in new projected inflows
where are my EMH dorks
— Che (@Cheguevoblin) July 25, 2024
One analyst notes that while the Ethereum ETF triggered a reactive -5% price drop for ETH, this is a strong sign in comparison to the launch of BTC ETFs back in January – which triggered a sudden -20% drop in BTC markets.
Furthermore, it’s important to remember that while the overall volume of ETH ETF inflows (a little over $1Bn) remains smaller than BTC’s initial inflows (perhaps reflecting a perceived higher risk-level) – institutional inflows are still exploding.
Grayscale ETH outflows are currently being nearly fully absorbed (given the minor -5% price drop), despite the fact that these Grayscale ETH outflows are 5x higher than the Grayscale BTC outflows back in January.
This suggests strong buy-pressure, and once Grayscale ETH outflows are extinguished, Ethereum price could mirror Bitcoin’s sensational Post-ETF Spring growth.
ETH Price Analysis: How Are ETH Markets Shaping Up After ETH ETF Trading Launch?
As ETH seemingly stabilizes after a sudden price drop, Ethereum price is currently trading at a market price of $3,165 (representing a 24-hour change of -5.10%).
This follows a sudden -6% tumble across 4 hours in this morning’s early-bird market, with West Coast and Asian traders selling aggressively during moon-lit hours.
However, European markets appear to be easing the sell-pressure, with ETH price now consolidating above local support at $3,150.
As the dust settles, traders take stock of the damage, representing a significant divergence from 20DMA support, which remains high at $3,274 (albeit aggressively descendant).
Yet, despite the drop, the ETH price remains firmly in the center of its established trading channel, with lower supports further available at $3,075 and down at the lower trendline (around $2,900).
Furthermore, the drop has significantly cooled off ETH’s RSI indicator, which is now reading at 18.45 – suggesting huge upside capacity once Grayscale outflows complete.
Overall, despite short-term losses, ETH is well-supported here with no signs of a significant technical break from the trend. With institutional inflows exceeding $1Bn in the first 24 hours, the long-term price implications remain bullish.
However, this is crypto, and we’re here for big gains as fast as possible – we’re not here to wait for Grayscale to finish their Ethereum ETF selling.
For this reason, it’s also worth looking at a rapidly emerging trade.
Pepe Unchained Shoots Into the Spotlight After Meme Coin Raises $5M in Weeks
Assembly in progress pic.twitter.com/si3nflppoP
— Pepe Unchained (@pepe_unchained) July 24, 2024
One of the hottest quickfire meme coin opportunities in the Q3 market appears to be Pepe Unchained (PEPU), after shooting up to a sensational $5m+ raised during a stunning presale.
Now entering its late stage, the PEPU presale is poised for an explosive launch on DEX markets in the coming weeks and months, with thousands of retail investors flocking to the Pepe ecosystem expansion.
Behind the hype is a pretty novel idea from a committed development team.
PEPU seeks to do for PEPE what Shibarium did for SHIB – the project is building a bespoke low-cost, high-speed layer-2 scaling solution to unchain PEPE from its ERC-20 nightmare.
After all, Frog Coins need a home chain, which is a huge opportunity in the meme coin space – especially with fleeting Ethereum ETF hype.
You don’t want to miss this opportunity to learn more about PEPU and grab a stack of Pepe Unchained.
Buy PEPU Here
The post Ethereum Tanks as ETF Hype Fizzles – Here’s the Coin Everyone’s Watching Now appeared first on Cryptonews.
