Since the VanEck ETF’s introduction at the beginning of this week, the price of Ethereum has dropped sharply by 7%.
Ethereum has dropped from a high over $1,750 to the current trading level of $1,640 as a result of the price correction.
While the introduction of the Ethereum ETF is positive news, a lot of traders are unsure about whether to sell their $ETH holdings now that the market is down or cling onto other coins.
Ethereum Price Volatility After ETF Launch: Is It Time to Buy,Ethereum Price Volatility After ETF Launch: Is It Time to Buy
This week, in particular, Bitcoin Minetrix ($BTCMTX) is drawing a lot of attention from investors who are drawn to the ground-breaking, innovative stake-to-mine idea. In a matter of days, the presale has surpassed the $430,000 mark.
Ethereum Market Evaluation: $ETH Plunges 7% After ETF Launch
In its first trading week, the Ethereum ($ETH) exchange-traded fund (ETF) based on futures has produced unimpressive returns.
Compared to the massive amounts of institutional investment that the complaint trading vehicle was meant to bring to the cryptocurrency market, the VanEck ETF, which began trading earlier this week, has had a lacklustre trading activity.
The ETF is traded on the Chicago Board Options Exchange and holds Ethereum futures contracts.
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The second-ranked cryptocurrency surged as high as $1,750 following the ETF’s introduction, which created a massive wave of enthusiasm in the sector and met resistance near the May 2023 lows;
Unfortunately, after reaching this barrier, $ETH has reversed course and fallen by more than 7%.
The coin broke below the support level of $1,700 and kept falling today, breaking below the lows of $1,650 in June 2021 to reach the current $1,640 level.
Do You Need to Hold Tight?
Therefore, the main query is whether it makes sense to stick onto your short-term $ETH or toss it out.
It appears that the bears have already taken control of the market, suggesting that more price declines may be forthcoming.
The first level of support is anticipated around $1,588 if the sellers push the price below $1,600.
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Further support may be seen at $1,535 (the long-term.786 Fib), $1,510 (the lows from March 2021), and $1,488.
Which Coin Should You Purchase in Its Place?
As the Ethereum market is about to see yet another fall, traders are starting to focus on lesser-known cryptocurrencies, which might yield larger returns on investment with smaller initial investment amounts.
This week, Bitcoin Minetrix ($BTCMTX) in particular is becoming more well-known as its presale surpasses the $430,000 mark.
Because this project presents a revolutionary stake-to-mine approach that is expected to revolutionise and decentralise the whole Bitcoin mining industry, investors are drawn to its long-term possibilities.
Ethereum Price Volatility After ETF Launch: Is It Time to Buy,Ethereum Price Volatility After ETF Launch: Is It Time to Buy,Ethereum Price Volatility After ETF Launch: Is It Time to Buy