Despite the launch of the ETFs and an influx of investor interest, Ether’s price has been relatively stable, trading at around $3,450 at the time of reporting. This marks a slight decline of 1.27% over the previous week. Hundal pointed out that while the price hasn’t seen fireworks, there is still positive momentum in the options market, which suggests bullish sentiment among speculators. He noted a notably low put-call ratio of 0.27, which leans heavily toward bullish positions, indicating a desire for upward movement in Ether’s price. Although Hundal refrained from providing an exact price forecast, he expressed hope that Ether could aim to reach its all-time high of $4,890 set in November 2021.
In anticipation of the ETF launch, there was a notable increase in Ether accumulation. On July 22, just before the ETFs started trading, permanent holder addresses saw inflows of 714,000 ETH, hitting a remarkable value of $2.4 billion. This reflects a growing confidence among investors in the long-term potential of Ether. Furthermore, Hundal advised traders to disregard previous price levels prior to the Ethereum Merge, as it introduced new mechanisms affecting supply and demand dynamics in the market. As Ether continues to adapt, analysts suggest that traders should remain cautious and ready for unexpected market shifts.
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