Ether Traders Highly Bullish After the Asset Ventured Below $3,000

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Ether dipped to below $2,900 last week, fluctuating around $3,000 the following days. This price decrease has Ether holders worried about the coming period, with many believing the bull market has come to an end.

The interest in the asset is noticeably declining market-wide despite news of an imminent approval for spot Ether ETFs in the US. Traders hold the belief that the asset’s price will continue dipping despite the ETF launch expected to come soon—many feel the SEC will approve issuance this month.

Nevertheless, Ether’s declining value was not isolated to the second-largest crypto asset—the entire industry took a hit. The crypto market cap fell below $2 trillion last week, rising again. But that fall has traders worried industry-wide. It occurred due to bitcoin’s value dipping to new lows due to Mt. Gox- and German government-related incidents.

Mt. Gox’s repayment process began this month, with its creditors expected to receive 140,000 bitcoin. Of course, that amount of bitcoin entering the supply was expected to shake up its price rise exhibited before June’s downturn. Likewise, the German government selling bitcoin in the millions of dollars has added selling pressure, keeping bitcoin’s price dropping.

As the largest crypto drops in value, the rest follow, as depicted by Ether. As more bitcoin will make its way to the market in the coming weeks and months, industry participants are worried about the market’s downtrends.

Ether traders have thus become less optimistic, as their behavior in the derivatives market shows. While the premium on Ether futures contracts fluctuates between 5% to 10% during bull markets, it was at an impressive 11% a few weeks ago but has dropped to 8%. This drop is not alarming in any way but displays the waning interest exhibited by Ether traders.

Regardless, anticipation about how the asset will move with spot ETFs hitting the market exists.

Image by Dean Crosby from Pixabay

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