Articles

Blogs

ETH Price Dips Below $3K Amid Crypto Market Correction: Traders Eye ETF Impact

Jul 5, 2024

ETH Price Dips Below $3K Amid Crypto Market Correction: Traders Eye ETF Impact
ETH Price Dips Below $3K Amid Crypto Market Correction: Traders Eye ETF Impact
ETH Price Dips Below $3K Amid Crypto Market Correction: Traders Eye ETF Impact

On July 5, Ethereum (ETH) saw its price drop below $3,000 for the first time in 50 days amid a broader cryptocurrency market correction driven by Bitcoin's decline. Despite this dip, ETH derivatives data indicates that traders may believe the worst of the correction is over, with sentiment showing a neutral stance rather than heavy hedging. The market sentiment was impacted by factors such as the transfer of 47,229 Bitcoin from the Mt. Gox bankruptcy estate, raising concerns about potential selling pressure. Additionally, the upcoming launch of a spot Ethereum exchange-traded fund (ETF) in the U.S. is anticipated to influence Ether's price positively, although actual market inflows remain uncertain amidst current investor caution towards cryptocurrencies.