ETH spot ETFs have finally gone live yesterday, July 23, following the long-awaited final green light from the US Securities and Exchange Commission (SEC).
Although, the markets do not expect it to match the initial success of Bitcoin ETFs launch, it is an important win for the crypto industry.
The list of ETF issuers includes such prominent names as BlackRock, Franklin Templeton and Fidelity
So far, according to the circulated reports …
As of July 23, the total amount of net assets in ETH spot ETFs has reached ~10 billion USD or a ~2.5% of the ETH market cap on that time.Despite the high level of anticipation and a relatively good start, ETH is trading in the red, almost briefly touching the 50-period simple moving average (SMA) at ~3408.224.
A prolonged waiting period has given investors ample time to price in the actual launch event.As of now, Ethereum bulls have yet to reach the levels observed after the sharp rise fueled by approval rumors on May 20.
From the technical perspective…ETH is trading above the key simple moving averages (21-, 50- and 100-period SMAs), underscoring a potential uptrend on both mid- and long-term horizon.The RSI is in the neutral zone, implying that ETH is neither overbought (>70) or oversold (<30), with no strong momentum in either direction.To the downside the 50-period SMA is set to provide an immediate support, while to the upside the ~$3,541 may be the prime target/resistance level for the ETH bulls.More By This Author:Gold And Brent Decline Amid Stronger USDRussell 2000 Hits The Highest Since 2022, More Gains Ahead? This Week: NETH25 Braces For Volatility Amid Trump News
