What is happening with Ethereum price?

[pakhitheboss]

I was expecting the price of Ethereum to go up this month after the ETF trade got approved. I expected it to be similar to what Bitcoin ETF did after a month when it got approved. I am surprised to see the price of Ethereum only going down in the month of August. Am I FOMOing or is it the whole crypto market is reacting proportionately to the global market? If the ETF is not a success it can be discontinued but looking at the inflow I feel it is good but not as good as Bitcoin ETF.

What do you guys think?

[MUGNIA]

I think it's not just that which has gone down, everything has gone down, it's just that it takes time to recover the value, it's not always fast like BTC. And it's already an open secret that altcoins are slow to improve their prices.

[Lucius]

~snip~
What do you guys think?

I think that people have too much trust in ETH and that this trust is not justified. For me personally, switching from PoW to PoS is a big step backwards, with all the other controversies that follow that project, I'm surprised that ETH hasn't lost more in price.

If we look at the data for the past year, we see that ETH grew by just over 30%, while at the same time BTC achieved almost 100% growth. It is obvious that even the spot ETF did not help much for ETH (so far), while it was more than successful for BTC.

I would conclude that the whole thing comes down to trust, and it is obvious that investors have far more faith in BTC than in ETH.

[Sim_card]

Etherum is not the same thing with bitcoin and cannot have the same level of price pump as bitcoin after the approval of ETH ETF. What you fail to understand OP is that bitcoin is king and controls altcoins price movement. No matter that Etherum ETF has been approved that doesn't change its dependency on bitcoin because altcoins are all copy cat and cannot do anything on their own Just imagine bitcoin dip and altcoins wen dipper than Bitcoin. Not strange to me because it is what you offer to people that will determine the rate of adoption and not because of ETF approval.

[UNIVERSE]

I was expecting the price of Ethereum to go up this month after the ETF trade got approved. I expected it to be similar to what Bitcoin ETF did after a month when it got approved. I am surprised to see the price of Ethereum only going down in the month of August.

Everyone thinks the same as you. But unfortunately, there is still no significant impact of Ethereum ETF. I think it is because the market condition isn't good for altcoins. It is different with Bitcoin, Bitcoin dominates the market. So, Bitcoin can easily increase and the impact of Bitcoin ETF very visible. Bitcoin even could reach a new ATH before the halving, it is because of the impact of Bitcoin ETF hype. Well, August is always bad time for crypto, it is very often read market if we considers the history side. So, we shouldn't be so surprised if Ethereum price and other altcoins prices are declining very much.

[Captain Corporate]

Unfortunately there will always be some stuff that will not be all that simple to handle, and this time it was combination of recession noises coming from USA along with Japan increasing their interest rate for the first time in many years. That type of stuff happens in the markets every day, its not a new thing and we should be getting used to it after this much time, we can't always predict whats going to happen. Don't worry, the benefits of ETF for both bitcoin and eth is still there and we are going to make some profit from it one way or another, its not going to bother us at all and we will do fine.

[TomPluz]

If we look at the data for the past year, we see that ETH grew by just over 30%, while at the same time BTC achieved almost 100% growth. It is obvious that even the spot ETF did not help much for ETH (so far), while it was more than successful for BTC. I would conclude that the whole thing comes down to trust, and it is obvious that investors have far more faith in BTC than in ETH.

Many people really wondered how come ETH experienced a different thing after the ETFs came on board and after the Japan crash while Bitcoin made strong rebound ETH remained bearish to some degree. As to trust, there is no question now that more people and investors really are putting more weight on BTC than on ETH and data are supporting this fact. However, I am still seeing a bright future for Ethereum and that it would be making its strong recovery at the right time. Admittedly, it can not be compared to Bitcoin for now.

[FinneysTrueVision]

In the early days of the Bitcoin ETF the price of Bitcoin did not perform as well as many were expecting because of huge outflows from Grayscale’s ETF. A similar thing happened with Ethereum.

There is also Jump Trading, a major market maker, which has been dumping their ETH holdings as they face legal problems and could be looking to shut down their business.

[Lucius]

Many people really wondered how come ETH experienced a different thing after the ETFs came on board and after the Japan crash while Bitcoin made strong rebound ETH remained bearish to some degree. As to trust, there is no question now that more people and investors really are putting more weight on BTC than on ETH and data are supporting this fact. However, I am still seeing a bright future for Ethereum and that it would be making its strong recovery at the right time. Admittedly, it can not be compared to Bitcoin for now.

I would say that the only right time for ETH and other altcoins will be when BTC is in a real bull run, because it is more than evident that BTC is the locomotive that is pulling everything behind it, and that even spot ETFs for ETH are not (for now ) had almost no effect.

In the early days of the Bitcoin ETF the price of Bitcoin did not perform as well as many were expecting because of huge outflows from Grayscale’s ETF. A similar thing happened with Ethereum.

There is also Jump Trading, a major market maker, which has been dumping their ETH holdings as they face legal problems and could be looking to shut down their business.

Do you perhaps have information on how much ETH Grayscale had in its possession before the spot ETF was approved and how much has been sold so far? I somehow remembered that it was worth about $5 billion, although I'm not sure if I remembered correctly.

[philipma1957]

eth came back  a bit today it is over 2600.
still not a fan.

we shall see if it keeps going up.

[FinneysTrueVision]

Do you perhaps have information on how much ETH Grayscale had in its possession before the spot ETF was approved and how much has been sold so far? I somehow remembered that it was worth about $5 billion, although I'm not sure if I remembered correctly.

Grayscale started with 2,629,468.68 ETH worth $9.1 billion, today they have 1,934,651.4787 ETH worth $5.2 billion.

[taufik123]

eth came back  a bit today it is over 2600.
still not a fan.

we shall see if it keeps going up.

it is still going up and is still stable to follow the price of Bitcoin.
ETH became my favorite asset after Bitcoin and started collecting it when the price bottomed out a few days ago.

Expecting to hit $5k is not impossible, is it?

[Zaguru12]

I was expecting the price of Ethereum to go up this month after the ETF trade got approved. I expected it to be similar to what Bitcoin ETF did after a month when it got approved. I am surprised to see the price of Ethereum only going down in the month of August. Am I FOMOing or is it the whole crypto market is reacting proportionately to the global market? If the ETF is not a success it can be discontinued but looking at the inflow I feel it is good but not as good as Bitcoin ETF.

What do you guys think?

The thing is the entire cryptocurrency market is definitely on a down turn due to the negativity surrounding the economy, the economy is heading towards a recession as reported earlier and the fears of war is also going on this are FUDs that will drive any thing related to the economy down. Mind you the Ethereum and cryptocurrency price is volatile and it will be the first things people sell off when FUDs like this cripple In. So for now I wouldn’t see much demand which bitcoin had at the start of the year due to the ETF but once it’s market opens and investors/institutions starts buying then we will definitely see a huge surge

[pakhitheboss]

The thing is the entire cryptocurrency market is definitely on a down turn due to the negativity surrounding the economy, the economy is heading towards a recession as reported earlier and the fears of war is also going on this are FUDs that will drive any thing related to the economy down. Mind you the Ethereum and cryptocurrency price is volatile and it will be the first things people sell off when FUDs like this cripple In. So for now I wouldn’t see much demand which bitcoin had at the start of the year due to the ETF but once it’s market opens and investors/institutions starts buying then we will definitely see a huge surge

Apart from the reasons that you have written, I think that Ethereum ETF has failed to show the impact on the price. The way Bitcoin ETFs have been performing currently shows how fast they can recover the price in just a few days. If a recession hits in the next few months and the war in the Middle East escalates then we might see a new all-time low for Ethereum and other altcoins.

[Lucius]

Do you perhaps have information on how much ETH Grayscale had in its possession before the spot ETF was approved and how much has been sold so far? I somehow remembered that it was worth about $5 billion, although I'm not sure if I remembered correctly.

Grayscale started with 2,629,468.68 ETH worth $9.1 billion, today they have 1,934,651.4787 ETH worth $5.2 billion.

If we compare that 2.6 million ETH with 600 000+ BTC in relation to the max supply and the current number of coins in circulation, then there really isn't too much of a difference - so the number of sold coins shouldn't be the main reason why the ETH price didn't react to the spot ETF. It remains to be seen how much more ETH Grayscale will sell, when it comes to BTC they sold more than half.

it is still going up and is still stable to follow the price of Bitcoin.
ETH became my favorite asset after Bitcoin and started collecting it when the price bottomed out a few days ago.
Expecting to hit $5k is not impossible, is it?

You can always hope - but if we take into account that the price of ETH follows (to some extent) the price of BTC, then this could only happen when the price of BTC is twice as high as it is now. I already wrote that for the past 1 year, the ratio of BTC price growth compared to ETH is 100% compared to only 30%.