- The long-awaited and delayed spot Ethereum ETFs were finally launched on July 23.
- However, Ethereum (ETH) is not the only crypto asset in focus.
- Some altcoins with fundamental features tied to the Ethereum Blockchain and showing strong correlation may also benefit from this development.
Discover the latest crypto market trends and insights with our in-depth analysis of the newly launched Ethereum ETFs and the altcoins set to ride this wave.
Spot Ethereum ETFs Launch and Potentially Beneficiary Altcoins
The cryptocurrency market witnessed a significant event with the launch of spot Ethereum ETFs on July 23. This development has stirred excitement and speculation regarding which altcoins might benefit due to their correlation with Ethereum. One such beneficiary could be Uniswap (UNI), a decentralized exchange operating on the Ethereum network.
Uniswap (UNI): Poised for Growth Alongside Ethereum
Uniswap, known for facilitating the swapping of crypto tokens via liquidity pools on the Ethereum platform, has shown a robust correlation with ETH. Macroaxis data affirmed this relationship, suggesting that UNI might see gains from the spot Ethereum ETF launch. Currently trading at $7.57, UNI has experienced a 21.31% decline since the start of the month, hinting at a possible “buy the dip” opportunity. Whale investors seem optimistic, accumulating significant amounts of UNI recently. Additionally, the Awesome Oscillator (AO) indicates a potential upward momentum shift. Should this accumulation persist, UNI’s price could breach the $8 mark shortly, with a potential rise to $9.40 or $10.03 if bullish trends continue. Conversely, if ETH’s price falters, UNI’s price could retract to $6.76.
Pepe (PEPE): Ready for a New Rally Post-Recent Gains
Pepe (PEPE), one of the leading meme coins built on Ethereum, is another altcoin to watch. PEPE recently broke out of a descending channel formation, rising to $0.000013 before dipping to $0.000012. Currently in a sideways trading pattern, the Accumulation/Distribution (A/D) line suggests a slow increase in buying pressure. The Relative Strength Index (RSI), sitting above the neutral line, indicates existing bullish momentum. If Ethereum’s price climbs towards $4,000, PEPE could exhibit a stronger upward movement, potentially retesting the $0.000015 level.
Ethereum Name Service (ENS): Reaching New Heights Post-Bitwise Announcement
Ethereum Name Service (ENS) has also shown potential benefits from the Ethereum ETFs, peaking at around $28.35 shortly after the ETFs’ approval spotlighted its capabilities. Notably, on July 22, Bitwise Invest announced plans to incorporate ENS subdomains for each address in their ETFs, promoting transparency in asset validation. Despite skepticism from some analysts, like Finery Markets CEO Konstantin Shulga, who anticipates a gradual market response over the next six to nine months, the integration of ENS could see its price target of $34.
Conclusion
The introduction of spot Ethereum ETFs marks a pivotal moment for the crypto market, potentially benefiting several correlated altcoins like Uniswap (UNI), Pepe (PEPE), and Ethereum Name Service (ENS). While bullish trends are apparent, market reactions may vary in the short term. Investors should stay informed on these developments to make strategic choices in this evolving landscape.
