Ethereum below $3000 level🚨

٦:١٩ م ٣٠ أبريل ٢٠٢٤

📉 Cryptocurrencies resume dynamic downward movement

Ethereum is losing more than 5.5% today after spot ETFs in Hong Kong disappointed the expectations of some investors and did not prove to be a catalyst for growth. Additionally, sentiment on Wall Street remains weak, ahead of tomorrow's Fed meeting and Chairman Powell's speech. After the recent higher-than-forecast inflation data, investors are concerned that dollar strength and rising yields will put additional pressure on risky assets.

  • Trading volume of spot funds for Bitcoin and Ethereum in Hong Kong totaled $11 million. 
  • Some asset managers at China Asset Management, among others, suggest that similar funds will also be established in mainland China, but this is impossible at this point due to regulations
  • Bloomberg estimates that after two years of activity, spot funds will have bought up about $1 billion worth of BTC and ETH 
  • This does not seem to be enough demand, to significantly impact Bitcoin or Ether (the capitalization of both cryptocurrencies is about $1.2 trillion and $360 billion, respectively)


Risk aversion is putting some pressure on spot ETFs in the US, which have accumulated more than $12 billion worth of BTC in a few months. Yesterday, the funds recorded another week session, reducing the value of BTC by about $51 million and the main seller this time was not Grayscale. Inflows to BlackRock and Fidelity are proving to be minimal, although it can be seen as a positive that investors are practically not selling out of them, despite the 20% drop in BTC from ATH. Source: XTB Research, Bloomberg Finance LP

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Ethereum breaks through the psychological barrier of $3,000 and thus records nearly 5.5% intraday declines. Source: xStation5

ETH's weakness is also felt by altcoins, which are losing sharply during today's session. Source: xStation5

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انضم إلى أكثر من 1.600.000 عملاء مجموعة XTB من جميع أنحاء العالم

الأدوات المالية التي نقدمها، خاصة عقود الفروقات (CFDs)، قد تكون ذات مخاطر عالية. الأسهم الجزئية (FS) هي حق ائتماني مكتسب من XTB ​​في الأجزاء الكسرية من الأسهم وصناديق الاستثمار المتداولة. الأسهم الجزئية ليست أداة مالية منفصلة. هناك حقوق شركات محدودة للأسهم الجزئية.
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