On the other hand, the trading volume of this ETF amounted to more than $1 billion on the first day. For this indicator, it ranked second in history among the various ETFs on the market. Most likely, part of the volume migrated to this index, which is not taken into account in the CoinMarketCap rating yet.
The rest of the market was in no hurry to follow Bitcoin and remained at the same levels. This can be judged by the dominance of Bitcoin, which has grown to 47.5%. The attention of the entire market is now riveted on Bitcoin, but this may soon change. Let’s take a look at the chart of the largest altcoin Ethereum, which often gives direction to the entire alt market:
Over the past 3 weeks, Ethereum’s price has risen by 38% from $2,800. At the same time, in the last 5 days, the chart stopped and turned into a sideways movement. The price hit a strong resistance level, which is in the $3,900 – $4,000 range. A strong downtrend is located here and Ethereum is trying to overcome it. If it succeeds, the price can come to a historical maximum very quickly. We suggest using the Price Prediction tool not to miss the best time for taking actions.
As a result of the slowdown in the ETH price movement, a bullish flag pattern was formed on the chart. This usually indicates that market participants are accumulating an asset. At the same time, there is a possibility that the chart may go down to the middle line and show a new round of growth from there. If this pattern works out, the chart may rise to the level of $4,200.
On the other hand, the most important point on the chart right now is the support level at $3,750. The uptrend line formed since the end of September runs here. If buyers do not hold this level and the price consolidates below it, then the chart can go down quickly. In this case, the Ethereum price could drop to the range of $3,400 – $3,600.
The downside scenario now looks more convincing, as the market did not experience significant corrections during the month. In addition, there is a lot of uncertainty on the market amid the launch of the Bitcoin ETF. Therefore, now it is necessary to be very careful with trading.