Ethereum [ETH] has been facing multiple price corrections over the past month despite the fact that ETH ETF launch is around the corner.
ETH was down by 12% last week, but a few market indicators hinted at a trend reversal.has been facing multiple price corrections over the past month. This happened at a time when its much-awaited ETH ETFs launch was drawing in.
AMBCrypto’s look at Google Trends’ data showed that the popularity of Ethereum ETFs has been consistent throughout the last 30 days in the United States, reflecting the hype around them.Although the launch date was getting closer and the market seemed excited, Ethereum continued to struggle to raise its price., ETH was down by more than 125 in the last seven days. At the time of writing, the token was trading at $3,045.32 with a market capitalization of over $366 million.
AMBCrypto’s analysis of Santiment’s data revealed that ETH’s Weighted Sentiment moved southward substantially last week. This clearly meant that bearish sentiment around the token was dominant.Since ETH remained bearish despite the launch getting closer, AMBCrypto planned to compare both Ethereum and Bitcoin’s states ahead of their ETF launches.
To be precise, BTC’s price started to move in November 2023 and peaked during the BTC ETF launch on January 10, 2024. However, soon after the launch, BTC’s price started to decline.On this front, Bitcoin was clearly dominating Ethereum. However, to see whether ETH was planning something bullish a week ahead of the ETF launch, we then analyzed ETH’s daily chart.
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