• Ethereum ETF’s exceed $100 million inflows on debut

• Collective trading volume of ETFs surpass $1 billion
  

• Cryptocurrency ↑ 50% since start of 2024

• Technical levels – 21 & 50 day SMA

Only a few months ago we discussed the possibility of Ethereum ETFs after Bitcoin paved the way.

Earlier this week, Ethereum ETFs finally went live – marking another watershed moment in the digital asset space. And its debut yesterday did not disappoint, bringing in over $100 million of inflows despite the massive $484 million outflows from Grayscale’s freshly converted Ethereum Trust.

Note: An ETF is a derivative that enables traders to benefit from changes in the underlying asset’s price without owning it.

Like we have seen with Bitcoin ETFs, this crucial development may lead to increased exposure to Ethereum – providing greater and easier access without owning it. In addition, the second crypto adoption could open the floodgates for more ETF adoptions, with fresh anticipation for a Solana ETF soon.

Despite the collective trading volume of the nine new spot ETFs surpassing over $1 billion, Ethereum offered a muted response. Prices are trading around 3466 as of writing, trapped within a range on the daily charts.

Still, Ethereum is up over 50% since the start of 2024 and may push higher if the new Ether ETFs attract fresh inflows from investors and institutions.

Since reaching all-time highs on March 12th, 2024, Ethereum seems to be morphing into a descending triangle.

After bouncing off the support of the descending triangle on July 8th, 2024, the cryptocurrency rallied for 8 consecutive days and has remained in a range for the past 9 days.

The last 6-days have seen Ethereum prices close above its 50-day moving average and the cryptocurrency bulls may look to the following near-term resistance levels.

• $3547.34: The resistance of the current range-bound channel

• $3686: An important price level

Ethereum bears on the other hand will have their sights on the following near-term support level.

• $3408.04; The 50-day simple moving average

• $3385.39; The support level of the current range-bound area

• $3262.77; The 21-day simple moving average