ETH weakened after ETF went live but the trend was similar to BTC. Is a 90% ETH rally plausible in two months like BTC did?
dropped from $3.5k to $3k two days after U.S. spot ETH ETF launched, about an 8% decline. It was slightly up above $3.2k as of press time.If the correlation persists, ETH could drop to $2.7k in two weeks before rallying 90%, according to the analyst.
“Ethereum is following the exact same trajectory as Bitcoin after the ETF was approved. -8% two days after approval , -20% two weeks after approval, +90% two months after approval.”It meant that ETH could hit $6.5k by September. That’s an over 90% rally in two months. For perspective, BTC dropped from $48k to $40k after the BTC ETF was launched. Two months later, the largest digital asset exploded to $73K in March.However, it is worth noting that correlation doesn’t always equal causation. Put differently, ETH mirroring the BTC pattern post-ETF doesn’t necessarily mean the outcome could be the same.
That said, as most analysts have predicted, ETH could benefit from expected Fed rate cuts in September. This could boost all risk assets, including crypto. Meanwhile, ETH has been underperforming BTC in its spot ETF debut week, as shown by the ETHBTC ratio declining over 6% on a weekly adjusted basis as of press time.A drop below the mid-range level, near 0.045, could weaken ETH even further relative to BTC.“At that point , I don’t believe $ETH will be as interesting of a hedge anymore.”in the past two days. The products saw $133 million and $152 million outflows on the 24th and 25th of July, single-handedly driven by Grayscale’s ETHE bleedout.
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