Altcoins
How These 3 Altcoins Could Benefit From the Ethereum ETF Launch
Finally, Ethereum spot ETFs debuted on July 23 after a long wait and many delays. However, ETH, the native cryptocurrency of the Ethereum blockchain, is not the only one in the spotlight.
Altcoins, some of which have their fundamentals tied to blockchain and share a strong correlation with it, could benefit from this development. Here are the top three altcoins that, based on historical trends, could benefit from ETH ETFs.
Uniswap (UNI) Is Ready to Surge, Thanks to Ethereum
Uniswap is the largest decentralized cryptocurrency exchange platform via liquidity pools on Ethereum. Due to this connection, UNI, its native token, is highly correlated to ETH.
BeInCrypto confirms this after evaluating the data on the correlation coefficient provided by Macroaxis. As such, it is one of the altcoins that could benefit from the launch of the Ethereum Spot ETF.
Currently, UNI stock is trading at $7.57. Its 21.31% month-to-date decline suggests it could be a buying opportunity on the dip.
Other than that, crypto whales seem to be giving credence bullish potential, and they have recently been accumulating UNI in droves. Additionally, the Awesome Oscillator (AO) is flashing green histogram bars, suggesting that the downward momentum may soon start to shift to the upside.
If the validation is accompanied by significant and continued accumulation, UNI price could surge above $8 in the near term. If the bulls continue to keep the bears at bay, the token’s value could reach $9.40 or $10.03.
Learn more: How to invest in Ethereum ETFs?
Uniswap Daily Analysis. Source: TradingView
However, Uniswap’s bullish bias might not materialize if ETH price underperforms. If that happens, the token’s price could drop to $6.76.
Pepe (PEPE) on the verge of another rally after recent breakout
This list of altcoins would be incomplete without a notable mention of Pepe (PEPE), the top meme coin built on Ethereum.
PEPE recently broke out of a descending channel. This pattern indicates a downtrend, with specific resistance and support levels at the upper trendline and lower trendline, respectively.
The result of the breakout saw the token rise to $0.000013 before falling back to $0.000012. As the altcoin continues to trade sideways, the Accumulation/Distribution (A/D) line reveals that buying pressure is slowly improving.
In addition, the relative strength index (RSI) remains above the neutral line. The RSI indicates momentum, and when it is above 50.00, it means that bullish momentum is present, which is the case with PEPE.
If ETH price rises towards $4,000, PEPE will likely be one of the altcoins that will see a stronger surge. If this happens, the token’s price could retest $0.000015 to start.
Will Ethereum Name Service (ENS) Hit $34 After Bit-to-Bit Disclosure?
We previously reported that the ENS was showing signs of what might be possible with the approval of Ethereum spot ETFs. Moments later, the price of the cryptocurrency reached our forecast of around $28.35.
But it doesn’t stop there. On Tuesday, July 23, Bitwise Invest, one of the ETF issuers, announced that it would become the first ETF to add ENS subnames for each address.
According to his post on X, using the Ethereum Name Service will allow transparency in verifying one’s holdings.
“This is the kind of transparency that only cryptography makes possible. It allows anyone to verify ETHW holdings and flows directly on the blockchain.” mentioned.
This development, and many others, makes ENS one of the altcoins that could benefit from the launch of the Ethereum ETF. The chart below shows how ENS has been rising and reaching support levels at higher prices, which has been key to the recent surge.
Learn more: 7 Trending Coins and Altcoins in 2024
Additionally, the Moving Average Convergence Divergence (MACD) is positive, reflecting a slightly bullish momentum for the token. If it holds, ENS Prize could break the $30.00 resistance and reach $34.32.
However, if the token fails to break above the overhead resistance, the price could drop to $26.61.
At the same time, some analysts have expressed skepticism about the rapid impact of ETFs on altcoin prices. One of them is Konstantin Shulga, CEO and co-founder of Finery Markets.
According to him, the Ethereum Spot ETFs to Benefit from Good InflowsHe notes, however, that it may take a few months for the market as a whole to react.
“The full impact of ETF approvals on the market may not be fully realized for six to nine months, as it typically takes this time for products to be fully integrated into financial players’ product portfolios and achieve widespread adoption,” Shulga told BeInCrypto
Disclaimer
In accordance with the Trust Project This price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.