3 Altcoins That Could Profit From Ethereum ETF Debut
By:Z, Enzo
Uniswap’s close ties to Ethereum mark it as a prime altcoin poised to reap potential benefits, especially as current data suggests it could be an opportune time to buy during this market dip. PEPE, Ethereum’s leading meme coin, is seeing an uptick in accumulation, hinting at a possible price surge. Additionally, an ETF issuer has recently included Ethereum Name Service to enhance transparency, and its daily chart points to a potential climb above $30. On July 23rd, spot Ethereum ETFs finally made their debut following a series of delays and much anticipation. But ETH, Ethereum’s native cryptocurrency, isn’t the only asset in focus. Other altcoins, especially those with fundamentals tied to the Ethereum blockchain and a strong correlation with it, could also reap rewards from this development. Here are the top three altcoins, based on historical trends, that are positioned to benefit from the ETH ETF launch.
- Is Ethereum’s Uniswap (UNI) Poised for a Surge?
- Is Pep e (PE PE) Poised for Ano the r Ral ly Following its Rec ent Bre ako ut?
- Ethereum Name Service (ENS) Price Surge Anticipated Following Bitwise Announcement?
Is Ethereum’s Uniswap (UNI) Poised for a Surge?
Uniswap stands as the foremost decentralized exchange for trading cryptocurrency tokens, leveraging liquidity pools on the Ethereum network. This deep-rooted connection significantly influences the performance of UNI, its native token, which exhibits a strong correlation with ETH, as evidenced by Macroaxis’s correlation coefficient data analyzed by BeInCrypto. Consequently, UNI emerges as a prime candidate to reap the benefits of the upcoming spot Ethereum ETF launch.
Currently priced at $7.57, UNI has experienced a notable 21.31% decline since the month’s commencement, potentially presenting a compelling “buy the dip” opportunity for investors. Furthermore, the recent influx of crypto whales accumulating UNI in significant volumes lends credence to its bullish prospects. This optimistic outlook is further reinforced by the Awesome Oscillator (AO), which is currently displaying green histogram bars. This technical indicator suggests a potential shift from a downward to an upward momentum in the near future.
If these bullish signals are validated by sustained large-scale accumulations, UNI’s price could surpass the $8 mark in the immediate term. Such a scenario would mark a notable upswing for the altcoin, underscoring its potential to capitalize on the broader crypto market’s momentum and the upcoming Ethereum ETF launch.
Should bulls continue to dominate, Uniswap’s token could potentially climb to $9.40 or even $10.03. However, Uniswap’s bullish prospects hinge on Ethereum’s performance. If ETH’s price fails to meet expectations, Uniswap’s bullish bias might not materialize, leading to a possible price drop to $6.76 for the token.
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Is Pep e (PE PE) Poised for Another Rally Following its Recent Breakout?
This altcoins list wouldn’t be complete without a special mention of Pepe (PEPE), the premier meme coin riding on the Ethereum blockchain. Recently, PEPE emerged from a descending channel pattern, typically signifying a market downtrend defined by resistance and support levels. However, following this breakout, the token surged to $0.000013, later stabilizing at $0.000012. Despite some sideways movement, technical indicators like the Accumulation/Distribution (A/D) line hint at a gradual increase in buying pressure. Meanwhile, the Relative Strength Index (RSI) hovering above the neutral mark suggests sustained bullish momentum for PEPE. If Ethereum’s price pushes towards $4,000, PEPE stands out as a potential altcoin poised for significant gains. In such a scenario, the token’s price could initially retest the $0.000015 level, hinting at even more upside potential.
Ethereum Name Service (ENS) Price Surge Anticipated Following Bitwise Announcement?
Earlier, we reported that ENS showed signs of potential upon the approval of spot Ethereum ETFs. Shortly after, the cryptocurrency’s price hit our predicted mark of approximately $28.35. Yet, the story doesn’t conclude here. On July 23rd, Bitwise Invest, a prominent ETF issuer, declared its intention to be the inaugural ETF to incorporate ENS subnames for each address, enhancing transparency in asset verification. As stated in their X post, utilizing the Ethereum Name Service enables direct blockchain verification of ETHW holdings and flows, a transparency unique to the crypto sphere. This innovation, coupled with other advancements, positions ENS as a prime beneficiary of the Ethereum ETF launch. The accompanying chart illustrates ENS’s upward trajectory, reaching higher support levels critical to its recent surge. This progress underscores ENS’s potential as one of the altcoins poised to capitalize on the Ethereum ETF debut.
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