Ethereum’s rebound from the $2,820 zone is a positive sign for the market. The launch of Ethereum ETFs in Hong Kong has attracted significant investment, with a total of $292 million on the first day.
In the face of a challenging period for cryptocurrency markets, Ethereum has experienced a notable resurgence. This can be attributed to the introduction of Ethereum-focused exchange-traded funds (ETFs) in Hong Kong. The recent surge in Ethereum’s price followed a drop below the critical $3,000 mark, which mirrored Bitcoin’s downward trend.
The launch of Ethereum ETFs in Hong Kong has sparked strong investor interest, as evidenced by the significant influx of $292 million on the first day. These newly introduced ETFs have quickly become a focal point for cryptocurrency enthusiasts in the region, with a recorded $8.5 million on their debut.
Despite the dominance of U.S.-based Bitcoin ETFs, experts remain cautiously optimistic about the future of Ethereum ETFs in Hong Kong. The trading volume of HK$87.58 million ($12 million) on the first day indicates a growing interest in digital assets in Asia.
The question now is whether Ethereum (ETH) will continue to surge. Although it has rebounded from the $2,820 zone, challenges remain as the digital currency faces resistance near the 100-hourly simple moving average. Currently trading at $2,988, Ethereum is expected to face immediate obstacles at the $3,050 level, with the $3,150 threshold looming as a significant barrier.
However, if Ethereum fails to break through the $3,050 resistance level, it could trigger another downward spiral. In such a scenario, the initial support would be at the $2,780 mark. A breach below this level could potentially lead to a bearish trend towards the $2,600 and $2,450 zones.
Ethereum Surges in Sync with Hong Kong ETFs, Building Momentum
