The post Why Ethereum Price is Down Today? Analyzing ETH Price Correction Post-ETF Launch appeared first on Coinpedia Fintech News
Ethereum (ETH) dropped 1.8% on Wednesday despite the successful launch of ETH ETFs, which attracted $10.2 billion in assets and saw net inflows of $107 million. The second-largest cryptocurrency by market cap is struggling, breaking below important support levels. The question arises: Is Ethereum poised to retest the critical $3,000 support level by the end of July?
Historically- a Drop Before a Rise
As per the 10X research report, the initial excitement surrounding the Ethereum ETF launch has dissipated, leading to what historically becomes a “sell-the-news” scenario. This trend has been observed during similar events in December 2017, April 2021, October 2021, January 2024, and now July 2024. This pattern often suggests that after the launch hype, a market correction follows.
What’s Causing this Sell Pressure?
The report further hig
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