Ethereum dropped harder than expected against BTC during this week market drawdown. Will ETH launch save it?
Mixed views by analysts on how the market will receive the ETH ETF amidst negative sentiment.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.that there was ‘no bearish’ factor apart from possible outflows from Grayscale’s ETH trust, ETHE.
“This entire run has now been retraced since the ETFs got approved on May 23rd…The main overhang for ETH right now, in my opinion, is the possible Grayscale ETHE outflows.” He added that there were “fundamental reasons to be bearish going forward” and cited possible tailwinds from increasing regulatory clarity and likely Fed rate cuts in later 2024.Despite Sassal’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%.baffledSome market observers claimed that ETH’s hard dump was due to a lack of a strong narrative.
“Everyone fears grayscale unlock . The market is risk-off, and everyone expects little to no demand for ETH out of the gate.” In the meantime, ETH pullback hit the golden zone at 61.8% Fibonacci retracement level, based on the 2024 lows and highs.The 61.8% Fib level doubled as a daily order block and has been a crucial support in the first half of 2024. Whether the support hold could depend on
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