Price: $0.39537 4.776%
Market Cap: 58.08B 1.7614%
Volume (24h): 8.76B 0.4%
Dominance: 1.7614%
Price: $0.39537 4.776%
Market Cap: 58.08B 1.7614%
Volume (24h): 8.76B 0.4%
Dominance: 1.7614% 1.7614%
  • Price: $0.39537 4.776%
  • Market Cap: 58.08B 1.7614%
  • Volume (24h): 8.76B 0.4%
  • Dominance: 1.7614% 1.7614%
  • Price: $0.39537 4.776%
Home > Information news > Ethereum (ETH) may remain under pressure on Grayscale selling

Ethereum (ETH) may remain under pressure on Grayscale selling

Release: 2024/07/26 18:01 Reading: 960

Original author:Cryptopolitan_News

Original source:https://coinmarketcap.com/community/articles/66a36dbdfd8c2f6ba931d0cb

Ethereum (ETH) may remain under pressure on Grayscale selling

Ethereum ETF Debut Impacts ETH Price

The launch of an Ethereum (ETH) ETF brought additional selling pressure to the market. Some analysts speculate that Grayscale, a large ETH holder, may be behind the selling.

Grayscale's Influence on ETH Price

Grayscale's ETH reserves are currently at $9.17B, having recently made purchases from Coinbase Prime. This has helped support the ETH price, benefiting both crypto market traders and ETF investors.

Grayscale's Possible Strategy

One scenario suggests that Grayscale may continue to sell ETH to further depress the price, creating a two-month window for a larger ETH breakout.

ETF Trading Patterns

The Grayscale Ethereum Trust (ETHE) trades at a discount to the actual ETH price, creating an opportunity for Grayscale to purchase at lower prices and benefit from subsequent price recoveries.

Grayscale's Market Dominance

Grayscale holds a significant market share in the ETH ETF market, with approximately 95% of available ETH. While other ETF providers may enter the market, Grayscale's holdings will remain a major influence.

ETH Market Dynamics

The ETH ETF launch has seen initial outflows, similar to the early days of the BTC ETF. This has contributed to the price pullback, which is viewed as a potential precursor to a larger rally.

Other Factors Affecting ETH Price

Activity from the Ethereum Foundation wallet and the presence of large long positions on Huobi may also be contributing to the price pressure.

Market Outlook

Analysts predict that ETH could reach $6,000 within the next two months. Smart money buyers are entering the market, suggesting a short-term price bottom. The ETH/BTC trading pair is also closely monitored for potential breakouts.

Impact on Meme Tokens and Ethereum Usage

The ETH price correction has affected meme tokens, with traders expecting a resurgence in demand for top assets like Pepe (PEPE) during ETH rallies. Ethereum's active daily users have also increased following the ETF news.

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