Ethereum prices have remained stable on a spot basis, moving horizontally even after the U.S. Securities and Exchange Commission (SEC) approved the listing and trading of Ethereum-based spot ETFs on July 23.
Ethereum is trading below key resistances at $3,500 and $3,700 at the time of publication. However, buyers are keeping prices above $3,300 as the price movement is horizontal.
While there are expectations for volatility reading the options data, now that Ethereum spot ETFs are available for trading, one analyst has spotted a key event that could impact BTC-ETH dynamics.
Ethereum Whales Take, ETH Outperforms BTC
In the post on X, data Santiment reveals a surge in whale activity ahead of the Ethereum ETF spot in the United States. The analytics platform found that many high-value ETH transfers have outpaced those typically seen on Bitcoin and USDT since July 17.
The unusual raise in this type of transfer may indicate growing confidence in Ethereum and ETH’s long-term prospects. It has even accelerated other crypto-derived products that are alternatives to Bitcoin.
Looking at the ETHBTC price chart, it’s clear that ETH bulls have the upper hand. After a slow June dip, the coin has continued to outperform Bitcoin, rising sharply on July 23. The daily chart shows a double-bar bull pattern, signaling the presence of ETH buyers looking to redirect capital and raise profits.
ETH finds support at the 50% Fibonacci retracement of the May 2024 trading range, confirming the uptrend. Still, for May buyers to take control, bulls need to break through 0.057 BTC, which sets the stage for further gains toward 0.08 BTC seen in 2022.
Over $1 Billion in Spot ETF Stocks
Spot ETF inflows will fuel the bull market. As seen in Bitcoin, price performance will largely depend on institutional interest. Just 24 hours after the product launched in the United States, various issuers bought $1.1 billion from ETH.
Inflows are likely to raise as ETH prices break above immediate resistance levels, ideally last week’s high and $3,700. With prices stagnating for now, the launch of this product, Bitwise analyst he saidsolidifies Ethereum’s role as a foundational technology in web3.
The Bitwise analyst added that given the rapid growth of the digital economy, the Ethereum shrewd contract platform will become a catalyst for development.
