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Cryptocurrency analyst Michael van de Poppe forecasts that the upcoming Ethereum ETF announcement will cause significant market moves, despite a recent decline in trading volume.
Ethereum's ETF Announcement Expected to Spark Market Movements, Says Van de Poppe
According to cryptocurrency researcher Michael van de Poppe (via CoinGape), Ethereum is nearing its low point, with the imminent Ethereum ETF news potentially causing big market movements. According to Van de Poppe's study, a classic "sell the rumor, buy the news" scenario would result in significant price changes. Ethereum's current price is $3,122.79, a 1.02% increase over the last 24 hours. It has a market capitalization of over $375.1 billion.
Van de Poppe feels that the imminent Ethereum ETF news will have a significant influence on the markets. He promotes the "Sell the Rumor, Buy the News" method, in which investors sell assets based on rumors and then repurchase them when the real news is disclosed. This method frequently generates significant price fluctuation. Despite a 35.12% fall in trading volume to $9.53 billion, Ethereum's price has remained positive, ranging between $3,090 and $3,150 in the last 24 hours.
Van de Poppe predicts that once the ETF news is officially announced, Ethereum's price will rise significantly. Although he questioned the acceptance of Ethereum ETFs in May, he proposed that the SEC postpone the approval process rather than outright reject the applications. This delay may shift the market focus to probable approvals later in August.
Key Indicators Point to New Trend Formation in Ethereum Market, Despite Bearish Signals
Technical examination of the Ethereum market over the last 24 hours has revealed major changes in key indicators. The Alligator indicator's jaw, teeth, and lips are at 3055.21, 3020.53, and 3013.32, respectively. This convergence shows that the market is entering a trend-formation phase, indicating the end of a consolidation period and the start of a new trend.
Additionally, the Coppock Curve, which is currently at -4.87, indicates bearish momentum. However, the general trend since late 2023 has exhibited significant upward movement, demonstrating Ethereum's durability. Despite the bearish Coppock Curve, Ethereum's price stability and bullish momentum point to a major price rebound if the ETF rumor is true.
Data from Coinglass shows significant developments in the ETH derivatives market. Overall volume has dropped 41.80% to $15.20 billion, while options volume has fallen 51.55% to $320.63 million. Despite these declines, open interest climbed by 1.28% to $11.89 billion, while options open interest increased by 1.63% to $6.38 billion.
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