The long-awaited ETH EFT is finally here. Several reports estimate the open-day trading volume to be above $1 billion.
However, the crypto market has failed to react positively to this trend, as it is down by over 2% in the last 24 hours. Additionally, all cryptocurrencies in the top 10 are down by a few percent except Ether as it’s in the green but with no notable price change.
Amidst the small price decline across the crypto market, Ethereum products are seeing significant increases. Other assets like HNT and MEW are up by over 5%.
With the underwhelming market reaction, how will it perform in the next five days?
Top Five Cryptocurrencies
BTC/USD
Bitcoin is off to a bad start this week. It has failed to register any notable price increases due to consistent price decline over the last 48 hours. It stopped in its tracks after failing to hold prices above $68k.
A contributing factor to the most recent change is MT Gox’s recent move of BTC from one wallet to another, which sparked panic across the crypto market. For the same reason, the largest cryptocurrency is down by over 2% in the last 24 hours.
Indicators point to the continuation of the trend, with the moving average convergence divergence being the most glaring. The 120-day EMA has halted its uptrend and is currently trending in an almost straight line, which may arch if the decline continues.
Such an arch will indicate the start of a bearish convergence, hinting at further price declines. Nonetheless, the coin is bullish on the long term, indicating that the dip may end within the next five days.
One of the key levels to watch as the price actions unfold is the $64k support. It is worth noting that a CME gap opened up during the weekend. It stretches as low as $58k. However, trading volume do not support a drop to this level this week.
ETH/USD
Ethereum was the star attraction over the last 24 hours as the long-awaited ETF hit the market. However, prices are not performing as expected, with the instrument seeing over $1 billion in trading volume but less than 20% of the funds in inflow.
Nonetheless, the coin is seeing a stronger bounce rate as it rebounded at $3,390 and is up by a few percent. The price change is insignificant, but the coin saw small buying pressure following the correction.
The latest price trend halts the previous days price decline after the apex a;tcoin suffered an almost 3% loss. It dropped from a high of $3,536 but found support at $3,423.
The accumulation and distribution chart shows dwindling bullish actions amdst the small gains ETH had. It is less than what it saw on Saturday, which may indicate that the bulls are getting exhausted and notable corrections are on the horizon.
Nonetheless, Ether is bound to see further price declines as the 12-day EMA failed to halt its downward trajectory amidst the small gains. It may indicate that a bearish convergence is locked in, heralding more price drops.
It is essential to defend the $3,400 support as the coin will retrace as low as $3,200 if it breaks.
SOL/USD
Solana has yet to register any significant increases since the start of the week, as the market is taking a turn for the worse. After enjoying almost two weeks of consistent gains, it may be heading for a cooldown. RSI shows that it was briefly overbought which may be the reason for the latest dip.
SOL is currently down by over 3% in the last 24 hours. It started trading at $178 but experienced small increases that sparked hoes of a return above $180. However, it halted its uptrend after hitting the resistance and retraced but rebounded at $170.
The bulls failed to halt the downtrend that started on Monday after the altcoin lost over 3%. The drop followed its peak at $184 the previous day.
After losing over 6% his week, indicator are flipping bearish. One such is the relative strength index as it tells of the massive decline buying volume. MACD’s 12-day EMA has halted its uptrend in response and start downhill if selling pressure increases.
It will put Solana at risk of losing $170, which held out during the previous intraday session. If this mark breaks, the altcoin may retrace as low as $160. Nonetheless, the buyers may defend the 23% Fib level at $166.
