Traders see ETH’s $3.2K pullback as a ‘buy’ while ETFs build steam

Ciaran Lyons7 hours agoTraders see ETH’s $3.2K pullback as a ‘buy’ while ETFs build steamAnalysts believe Ether will see “tremendous” price action once spot ETFs build momentum, similar to Bitcoin after the launch of spot Bitcoin ETFs.5001 Total views13 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksTraders suggest that Ether’s price fall to $3,209 has now put it in “buy” territory but warn that it may not last once the “tremendous” impact of exchange-traded funds (ETFs) comes into effect. 

“There are 2 major zones to buy,” pseudonymous crypto trader Sheldon The Sniper told their 490,300 X followers in a July 24 post. He pointed to $3,300 and below as the current buy zone and added that the $3,097 buy zone has already passed.

Sheldon further predicted that Ether could reach $4,000 “in the next week or two,” reiterating two entry points as the “ones you ride to the next all-time high breaks.”Ether dropped 7.68% from $3,469 in the 24 hours to 5:50 pm UTC on July 24. Source: CoinMarketCap

Ether (ETH) is trading at $3,209 at the time of publication at 5:50 pm UTC, down 7.68% over the past 24 hours, according to CoinMarketCap data.

The price has dipped another level below the closely watched $3,500 mark. Ether has fluctuated since the debut of spot Ether ETFs, which saw $106 million in net inflows.

However, futures traders were expecting a larger price drop after the debut of Ether ETFs. The 7.68% decline liquidated $42.53 million in short positions, along with just $2 million in long positions, according to CoinGlass data.In the past 24 hours, Ether experienced $9.89 million more in liquidations than Bitcoin. Source: CoinGlassAnalysts expect big gains for Ether’s price

Ether is going to experience “tremendous” price action from ETF inflows, similar to what happened with Bitcoin (BTC) following the launch of spot Bitcoin ETFs when its price jumped from $40,000 to $70,000 following the launch, Michael van de Poppe explained in a July 24 analyst note.

Related:ETH traders should ‘expect the unexpected’ after ETF launch

Van de Poppe doesn’t rule out Ether doubling its price soon, either.

“Probably it’s very likely to suspect that a price rally from $3,500 to $7,000-7,500 is on the cards,” he added, predicting that the aftermath of the ETF launch may lead to short-term volatility.“One-two weeks for downward momentum before the real surge of Ethereum toward a new all-time high."

Swyftx lead market analyst Pav Hundal recently told Cointelegraph he believes the “nearer-term goal” is for Ether to hit its November 2021 all-time high of $4,890.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Cryptocurrencies# Ethereum# Markets# United States# Ether Price# Ethereum Price# Ethereum ETFAdd reaction