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Home BREAKING NEWS

Ether Drops 8.75% and Here is Why

by Matoy
July 25, 2024
in BREAKING NEWS, CRYPTO, INVESTING
Reading Time: 2 mins read
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  • Following the launch of spot Ether ETFs in the US, Ether’s price fell by 8.75%, erasing recent gains.
  • Ether ETFs experienced significant net outflows the day after their debut, led by large withdrawals from Grayscale’s Ethereum Trust.
  • Concurrent financial market downturns and ongoing Bitcoin reimbursements from Mt. Gox influenced Ether’s price decline.

In a swift market response to the launch of several spot Ether ETFs on the New York Stock Exchange, Ethereum’s native cryptocurrency, Ether, has seen a notable decrease in value. A Farside report shows the price drop of approximately 8.75% to around $3,170 on July 25 reflects a broader trend often characterized as a “sell-the-news” phenomenon, where anticipated events lead to a rally before the actual occurrence, only to decline shortly afterward.

ETF Launch and Immediate Market Reaction

The recent introduction of eight spot Ether ETFs was initially viewed with optimism, yet the immediate aftermath has proven challenging for the cryptocurrency. Despite the initial excitement, significant outflows from these ETFs were recorded on the second day of trading, particularly from Grayscale’s Ethereum Trust, which saw withdrawals far exceeding those made from newer, lower-fee funds.

The downturn in Ether’s price also coincides with a tumultuous period in broader financial markets, including significant sell-offs in tech stocks and ongoing reimbursements by Mt. Gox to its creditors in Bitcoin, which have introduced additional selling pressure into the cryptocurrency markets. This environment has exacerbated the volatile reactions in Ether’s pricing, underscoring its high correlation with Bitcoin and sensitivity to broader market shifts.

Technical and Market Outlook

From a technical perspective, Ether’s price trajectory is undergoing a correction phase within a broader descending channel pattern. This pattern suggests potential further declines, with a downside target near $2,850, which may serve as a pivotal support level in the coming weeks.

As market participants navigate this uncertain landscape, the interactions between cryptocurrency-specific dynamics and broader financial trends continue to offer a complex backdrop for both traders and investors in the digital asset space.

Tags: Ether
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