The launch of the Spot Ethereum ETF has sparked significant speculation, driven by an unexpectedly low response. Additionally, Grayscale faces intense pressure from heightened competition from the ETF market, leading to the depletion of its $9 billion Ethereum Trust in substantial sell-offs, triggering notable market volatility.
In response, large-scale investors seek refuge in DTX Exchange (DTX) and Ripple (XRP). As the Ethereum (ETH) price is ready to retest crucial support levels due to a double top pattern, DTX and Ripple (XRP) are emerging as lucrative alternatives.
Crypto Firm Grayscale Dumps $1.5 Billion ETH
Following the launch of the ETH ETF on July 23, Grayscale began to dump its Ethereum (ETH) holdings on July 24. Statistical data shows that the firm, which holds $9 billion worth of ETH, has sold more than $1.513 billion in the last five days. This sell-off has placed Ethereum (ETH) in a lethal zone, potentially driving its price below critical support levels.
The primary reason for Grayscale’s sell-off is the heightened competition introduced by the new ETH ETF. Grayscale’s Ethereum Trust (ETHE) carries a high management fee of 2.5%, leading investors to switch to more cost-effective alternatives with lower fees. Investor preferences and the liquidity benefits of ETFs are compelling Grayscale to sell its Ethereum (ETH) holdings and recalculate its offerings in the market.
Double Top Pattern Threatens Ethereum (ETH) Price Rally
Ethereum (ETH) investors flock toward Ripple (XRP) and DTX Exchange (DTX) as the price is set to face significant bears. For over a month, the Ethereum (ETH) price has failed to sustain above the $3,400 support level and has significantly dropped to lower price levels.
As the bulls push the ETH price with 5% intraday gains, analysts warn the crypto community about a double top pattern on the charts that can lead the price of Ethereum (ETH) to retrace back to the $3,000 level if bulls fail to clear the threshold in this cycle.
Investors Pivot to Ripple (XRP) For Bullish Gains
With the lawsuit of Ripple (XRP) anticipated to end soon, Ripple (XRP) emerges as a promising altcoin to buy now at a low solid baseline of $0.6. Moreover, the data shows that large-scale investors hesitate to sell XRP tokens at this price point, reflecting higher market confidence and an expected bullish breakout.
Ripple (XRP) bulls are successfully defending the $0.6 support level this week amid bearish pressures. Experts predict that if XRP closes above the $0.61 level in the upcoming days, a bullish breakout can propel the price to $0.7. As optimism surges after the Bitcoin Conference, a bullish breakout of Ripple (XRP) beyond $1 is likely to happen in August.
DTX Exchange $1.1M Presale Promises 100x Returns
DTX Exchange is leading the presale projects of 2024 with its ground-breaking features and innovative trading solutions with an AI-powered trading platform. By integrating advanced automation strategies and blockchain layer-1 solutions for speed and security, traders are shifting to the DTX Exchange for a robust and seamless trading experience in diverse financial markets.
The DTX hybrid platform commits to user security and community growth to boast an engaging and safe marketplace for global traders. Investors from all financial spheres are seeking the KYC-free platform of DTX as an all-in-one solution that offers multi-tier accounts and non-custodial wallets to minimize the risk of security breaches by eliminating intermediaries.
The main traction in DTX Exchange is its ground-breaking 1000x leverage feature, empowering traders to enjoy higher market positions with minimal capital. DTX token is priced at $0.04 in round 2 of the public presale. Industry specialists expect a price breakout above $1 by the time the DTX token gets listed, predicting 100x gains from the current entry point.
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