Ethereum ETFs Start Trading And 'Price Discovery Is Inevitable,' Trader Asserts
Traders predict short-term volatility after the Securities and Exchange Commission (SEC) approved nine spot Ethereum ETF applications for trading.
What Happened: Crypto trader Doctor Profit believes the market has already factored in the ETF launch without considering the massive inflows that could come in. If the same level of dollars flowing into Bitcoin ETF flows into ETH ETF, the impact on Ethereum price will be 209% greater compared to Bitcoin, according to the trader.
He also does not expect Ethereum to correct by 20% as Bitcoin did after its ETF launch.
The trader suggests not to be influenced by short-term price manipulation, especially from selling pressure from Grayscale outflows. He concludes, "Possible sideway with correction, first effects of ETH inflows will be seen 2-3 weeks after the launch from today."
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Also Read: Top Trader Flags Key Factors To Watch For The Ethereum ETF Trading Launch
Why It Matters: As spot Ethereum ETFs being trading, IntoTheBlock data shows large transaction volume surging by 145%, accompanied by a 45% increase in transactions greater than $100,000. Around 84% of Ethereum holders are currently making a profit and 5% are at breakeven.
Crypto trader Kevin sees around 75% price upside for Ethereum in the short term.
Kevin@Kev_Capital_TALug 23, 2024The short term price target for #ETH is $4300 if this inverse head n shoulders plays out. It's pretty textbook so chances are around 75%. pic.twitter.com/5Fk3B2JbT2
Crypto trader Kaleo predicts a high likelihood of some type of pullback after the spot ETFs launch but thinks "price discovery is inevitable."
Kaleo notes that while the market is early enough into the current bull market, shorting is a "greedy play if you’re giga-bullish on a higher time frame."
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
- Why Are Ethereum Classic And Ethereum Name Service Shooting Up On Spot ETH Approval Day?
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