Chart of the day - Ethereum (19.07.2024)

Ethereum has rebounded over 21% from its local low established in early July. The positive sentiment around the second-largest project is supported by the potential launch of spot ETFs as early as next week.

At the time of publication, Bloomberg analysts expect that nine S-1 ETF applications will be approved next week, allowing them to start trading on the exchanges. The currently projected start date for trading is July 23, which is next Tuesday.

Detailed ETF table:

• Grayscale Ethereum Mini Trust (ETH): Starting fee 0.00%, post waiver fee 0.15%, custodian Coinbase
• Franklin Ethereum ETF (EZET): Starting fee 0.00%, post waiver fee 0.19%, custodian Coinbase
• VanEck Ethereum ETF (ETHV): Starting fee 0.00%, post waiver fee 0.20%, custodian Gemini
• Bitwise Ethereum ETF (ETHW): Starting fee 0.00%, post waiver fee 0.20%, custodian Coinbase
• 21Shares Core Ethereum ETF (CETH): Starting fee 0.00%, post waiver fee 0.21%, custodian Coinbase
• Fidelity Ethereum Fund (FETH): Starting fee 0.00%, post waiver fee 0.25%, custodian Fidelity
• iShares Ethereum Trust (ETHA): Starting fee 0.12%, post waiver fee 0.25%, custodian Coinbase
• Invesco Galaxy Ethereum ETF (QETH): Starting fee 0.25%, post waiver fee 0.25%, custodian Coinbase

Noteworthy is the reduction of the Grayscale Trust fee to 0.15%, the lowest among all applications. This marks a significant shift in strategy compared to the Bitcoin ETF, where Grayscale started with the highest fee, anticipating lower fund outflows. The lower fee could be crucial as it may significantly reduce potential outflows from the Grayscale ETF, thereby decreasing the potential supply pressure.

Price Chart (H1)

Ethereum has been performing relatively well during the rebound in early July. Typically, Bitcoin records larger gains at the beginning of an uptrend, but now it appears that Ethereum is favored among investors. According to many analysts, a spot ETF for ETH might have a greater positive impact on its price than a Bitcoin ETF, which drove BTC prices up by nearly 150% in four months.

Source: xStation 5