{"id":404698,"date":"2024-07-06T08:30:56","date_gmt":"2024-07-06T03:00:56","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=404698"},"modified":"2024-07-05T18:22:26","modified_gmt":"2024-07-05T12:52:26","slug":"what-ethereums-future-holds-after-eth-erases-pre-etf-approval-gains","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/what-ethereums-future-holds-after-eth-erases-pre-etf-approval-gains\/","title":{"rendered":"What Ethereum&#8217;s future holds after ETH erases &#8216;pre-ETF approval&#8217; gains"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">ETH plunged harder than BTC despite \u2018expected\u2019 ETF catalyst by mid-July<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Mixed views by analysts on how the market will receive the ETH ETF amidst negative sentiment.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><\/a><span style=\"font-weight: 400;\"> wasn\u2019t spared in the ongoing market rout despite a potential ETF launch by mid-July.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The second-largest digital asset shed over $500 since the 1st of July, dropping from $3.4K to a low of $2.8K, erasing all gains netted after partial ETF approval in May.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Ethereum educator Sassal <a href=\"https:\/\/x.com\/sassal0x\/status\/1809020309720478063\" target=\"_blank\" rel=\"noopener\">claimed<\/a> that there was \u2018no bearish\u2019 factor apart from possible outflows from Grayscale\u2019s ETH trust, ETHE.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;This entire run has now been retraced since the ETFs got approved on May 23rd\u2026The main overhang for ETH right now, in my opinion, is the possible Grayscale ETHE outflows.&#8221;<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">He added that there were \u201cfundamental reasons to be bearish going forward\u201d and cited possible tailwinds from increasing regulatory clarity and likely Fed rate cuts in later 2024.\u00a0<\/span><\/p>\n<h2>ETH dropped harder than BTC<\/h2>\n<p><span style=\"font-weight: 400;\">Despite Sassal&#8217;s optimistic view, the recent dump hammered ETH more than BTC. On the weekly front, as of press time, BTC was down about 11%, while ETH declined 14%.\u00a0<\/span><\/p>\n<figure id=\"attachment_404704\" aria-describedby=\"caption-attachment-404704\" style=\"width: 1793px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-47-16.png\"><img decoding=\"async\" class=\"wp-image-404704 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-47-16.png\" alt=\"Ethereum\" width=\"1793\" height=\"741\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-47-16.png 1793w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-47-16-300x124.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-47-16-1024x423.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-47-16-768x317.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-47-16-1536x635.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-47-16-1200x496.png 1200w\" sizes=\"(max-width: 1793px) 100vw, 1793px\" \/><\/a><figcaption id=\"caption-attachment-404704\" class=\"wp-caption-text\">Source: ETH vs. BTC weekly drawdowns, TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The unproportionate decline was unprecedented and <\/span><a href=\"https:\/\/x.com\/coinmamba\/status\/1808904839436644599\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">baffled<\/span><\/a><span style=\"font-weight: 400;\"> some traders, given the expected ETH ETF launch in two weeks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some market observers claimed that ETH\u2019s hard dump was due to a lack of a strong narrative. Another user, Evans, <\/span><a href=\"https:\/\/x.com\/Evan_ss6\/status\/1808915025605599459\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">suggested<\/span><\/a><span style=\"font-weight: 400;\"> that the market was risk-off and that potential ETHE outflows could dent the ETH ETF&#8217;s expectations.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;Everyone fears grayscale unlock (more impactful in low-volume summer). The market is risk-off, and everyone expects little to no demand for ETH out of the gate.&#8221;<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">In the meantime, ETH pullback hit the golden zone at 61.8% Fibonacci retracement level, based on the 2024 lows and highs.\u00a0<\/span><\/p>\n<figure id=\"attachment_404706\" aria-describedby=\"caption-attachment-404706\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-57-54.png\"><img decoding=\"async\" class=\"size-full wp-image-404706\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-57-54.png\" alt=\"Ethereum\" width=\"1950\" height=\"907\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-57-54.png 1950w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-57-54-300x140.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-57-54-1024x476.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-57-54-768x357.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-57-54-1536x714.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT_2024-07-05_14-57-54-1200x558.png 1200w\" sizes=\"(max-width: 1950px) 100vw, 1950px\" \/><\/a><figcaption id=\"caption-attachment-404706\" class=\"wp-caption-text\">Source: ETH\/USDT, TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The 61.8% Fib level ($2.8k) doubled as a daily order block (marked cyan) and has been a crucial support in the first half of 2024. Whether the support hold could depend on <\/span><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> next move.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, investors\u2019 risk-off approach was further reiterated by negative outflows in the derivatives market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Since the 1st of July, ETH has seen <\/span><a href=\"https:\/\/www.coinglass.com\/inflow-outflow\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">net outflows<\/span><\/a><span style=\"font-weight: 400;\"> totaling $4.5 billion, per Coinglass data, underscoring the bearish sentiment and possible lukewarm reception to the ETF launch.\u00a0<\/span><\/p>\n<figure id=\"attachment_404707\" aria-describedby=\"caption-attachment-404707\" style=\"width: 1868px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-05-150507.png\"><img decoding=\"async\" class=\"size-full wp-image-404707\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-05-150507.png\" alt=\"Ethereum\" width=\"1868\" height=\"570\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-05-150507.png 1868w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-05-150507-300x92.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-05-150507-1024x312.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-05-150507-768x234.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-05-150507-1536x469.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-05-150507-1200x366.png 1200w\" sizes=\"(max-width: 1868px) 100vw, 1868px\" \/><\/a><figcaption id=\"caption-attachment-404707\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, a recent Bloomberg report <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-05\/bitcoin-btc-drops-for-fourth-day-even-as-global-stocks-hit-records\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">noted<\/span><\/a><span style=\"font-weight: 400;\"> that crypto market sentiment could only improve if the Fed turns dovish and offers \u201cone or two interest cuts.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum investors adopt risk-off approach as ETH plunges. Will ETF launch offer market relief? <\/p>\n","protected":false},"author":79,"featured_media":404711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[6427],"class_list":["post-404698","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Ethereum&#039;s future holds after ETH erases &#039;pre-ETF approval&#039; gains - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Ethereum dropped harder than expected against BTC during this week market drawdown. 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