This is how investors are preparing ahead of Ethereum ETF launch

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• 
  Ethereum
  ETFs
  close
  to
  finish
  line,
  says
  Bitwise
  executive.
• 
  Ethereum
  investors
  are
  buying
  the
  dip
  despite
  FUD
  from
  potential
  Golem
  selling
  spree.
• 
  Ethereum
  bearish
  pressure
  has
  slowed,
  but
  key
  resistance
  could
  prove
  critical
  ahead
  of
  ETH
  ETF
  launch.

Ethereum
is
up
2.3%
on
Wednesday
as
investors
continue
buying
the
dip
in
hopes
of
a
rally
following
the
launch
of
spot
ETH
ETFs.
However,
other
key
metrics
like
break-even
prices
and
Golem
sales
provide
a
deeper
understanding
of
what
to
expect
as
the
launch
draws
nearer. 

Daily
digest
market
movers:
Ethereum
accumulation,
Golem
sales

With
the
potential
launch
of
spot
ETH
ETFs
drawing
closer
amid
the
wider
market
stagnancy,
investors
are
readjusting
their
portfolios.
Bitwise
chief
compliance
officer
Katherine
Dowling
confirmed
that
the
launch
is
“close
to
the
finish
line.”

“We’re
seeing
in
the
S-1
amendments
that
there
are
fewer
and
fewer
issues
that
are
being
vetted
back
and
forth
between
issuers
and
the
SEC,”
said
Dowling
in
a
Bloomberg
interview.

“So
that
points
all
signs
in
the
direction
that
we
are
close.
We’re
close
to
the
finish
line
on
the
launch,”
she
added.

The
Securities
&
Exchange
Commission
(SEC)
approved
spot
ETH
ETF
issuers’
19b-4
filings
in
May,
but
the
agency
needs
to
greenlight
their
S-1s
before
the
products
can
begin
trading.

Ethereum’s
recent
descent
saw
more
investors
accumulating
the
altcoin,
as
revealed
in
CryptoQuant’s
data.
These
investors
are
considering
the
dip
as
an
opportunity
to
purchase
ETH
at
a
discount
before
ETH
ETFs
launch
in
tandem.
The
lower
ETH
goes,
the
more
investors
buy.

ETH
New
Accumulating
Adresses
Balance

Santiment
data
shows
that
some
of
these
purchases
have
been
flowing
into
staking
platforms.
The
Ethereum
2.0
staking
contract
now
holds
47.36
million
ETH
or
about
34%
of
ETH’s
entire
supply.
Notably,
the
contract’s
holdings
have
more
than
tripled
from
just
under
11%
of
ETH’s
supply
it
held
in
2022.

ETH2
Beacon
Deposit
Contract

Meanwhile,
Golem,
which
raised
820,000
ETH
through
an
ICO
in
2016,
has
been
on
a
potential
selling
spree.
After
transferring
40,000
ETH
to
address
“0x159a”,
the
address
deposited
3,000
ETH
worth
$9.3
million
to
Binance,
Bitfinex
and
Coinbase
in
the
past
few
hours,
according
to
Lookonchain.
Golem
has
deposited
about
32,000
ETH
to
exchanges
in
the
past
six
days.

ETH
technical
analysis:
Ethereum
faces
a
key
resistance
at
$3,200

Ethereum
is
trading
around
$3,130
on
Wednesday,
up
2.3%
on
the
day.
ETH’s
total
liquidations
in
the
past
24
hours
are
at
$33.58
million,
with
long
and
short
liquidations
accounting
for
$23.18
million
and
$10.40
million,
respectively,
according
to
data
from
Coinglass.

ETH’s
long
and
short
ratio
shows
traders
are
slowly
reducing
their
bearish
sentiment
as
the
ratio
has
increased
to
0.989.
However,
Ethereum’s
Fear
and
Greed
Index
is
at
number
30,
indicating
fear
persists
in
the
market
despite
increasing
accumulation
from
whale
addresses.

Into
The
Block’s
data
shows
that
more
than
5.6
million
addresses
broke
even
after
ETH
reached
$3,000,
a
potential
sell
sign
for
these
addresses.

It
could
be
that
whales
bullish
on
the
ETH
ETF
approval
accumulated
selling
pressure
from
retail
traders
who
potentially
sold
off
their
tokens
after
ETH
reclaimed
the
$3,000
psychological
level. 

As
ETH’s
price
slowly
tilts
toward
the
upside,
it
may
face
a
resistance
at
the
$3,200
level.
According
to
IntoTheBlock,
approximately
2
million
addresses
that
purchased
ETH
around
this
level
could
sell
if
they
break
even.
However,
a
price
catalyst
like
the
ETH
ETF
going
live
can
prevent
such
a
move.

ETH/USDT
4-hour
chart

On
the
downside,
the
$2,800
to
$2,852
level
remains
a
key
support
if
the
bearish
pressure
increases.In
the
short
term,
ETH
could
bounce
off
the
$3,064
level,
where
$3.32
million
ETH
longs
risk
liquidation.

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