Wednesday, November 15, 2023 – A 400% gain for early DEX hunters from ETHETF Token is fuelling a robust Ethereum ETF narrative in the crypto market after the new token launched on Uniswap yesterday.
$ETHETF launched at 1pm GMT on Tuesday and secured quick 4x gains for the earliest buyers amidst strong liquidity and volume, signaling the possibility of much higher prices to come once news of its arrival gets out and the Ethereum narrative takes further hold of the market.
A little over 24 hours after stealth-launching, $ETHETF – playing off positive sentiment around Ethereum ETF news – reached a market capitalization of over $2 million before finding support around $1.2 million. With $520,000 liquidity – locked in the Uniswap V3 pool for seven days – facilitating smooth trading and minimal price slippage, the token has formed a strong foundation.
The ETHETF Token website states the coin’s intention to be ahead of the curve before BlackRock’s spot ETF is brought to the market, an event that is expected to cause a price explosion for Ethereum (ETH) and all coins associated with it.
BlackRock starts off massive Ethereum ETF narrative
The Ethereum price broke out towards $2,000 last week following BlackRock’s application for an Ethereum spot ETF, but market watchers have now found another way to play this move.
For traders, Ethereum’s price has reached historical resistance at the $ 2,000 mark, and staying above this level was a requirement for many analysts to increase their bullish sentiment for altcoins.
Several prominent altcoins have seen price increases as much as 100% or more recently as capital rotates from Bitcoin to Ethereum to larger cap alts. Key to sustaining this pump was the bullish BlackRock news for Ethereum.
As the positive market sentiment surrounding the likelihood of a Bitcoin spot ETF being approved by the US Securities and Exchange Commission (SEC) reaches fever pitch, the hype around a possible Ethereum ETF is only beginning.
With Bitcoin (BTC) surging 42% from a sticking point around $26,000 all the way up to $37,000 upon the news that the SEC has an option to approve all 12 pending spot Bitcoin ETF applications within a current 8-day window, capital now appears to be moving from BTC to other crypto assets.
Ethereum (ETH) spiked from $1,800 to close to $2,100 when the BlackRock ETF news was released, only a 16% move, and should be expected to keep going as more details come out regarding this development.
Ethereum’s bullish narrative continues in 2023/24
During the last bear market in 2022, Ethereum stood firm compared to other assets, thanks in no small part to The Merge – an event that transitioned Ethereum from a proof-of-work protocol to proof-of-stake.
This event, also known as the ‘Shangella’ upgrade, announced Ethereum as a greener blockchain with enormous passive income opportunities due to the ease of being able to stake ETH 2.0 without expensive and complicated mining equipment.
Ethereum stayed strong throughout the bear market and bounced back well above its previous bull cycle all-time high of $1,400 thanks to hype around The Merge, while Bitcoin dropped below its $19,000 previous ATH for a good while. This set a strong foundation for bullish developments to take the ETH price higher in 2023 and 2024.
And while Ethereum has underperformed compared to Bitcoin in 2023, the news that the largest financial asset manager in the world – with trillions of dollars managed on its books – intends to offer a spot ETF for Ethereum could open the floodgates for the largest altcoin.
Why Ethereum is the new silver
The excitement surrounding ETFs for Bitcoin is for good reason, and gold is often referenced as a precedent of what could happen when a spot ETF is eventually approved and launched. Gold was mainly being traded by institutions before a spot Gold ETF opened the market to retail investors.
Gold skyrocketed nearly 350% after the first Gold ETF was approved in the US in 2004, and something similar is expected to happen for Bitcoin.
Enter Ethereum, which is the silver to Bitcoin’s digital gold. As the second-largest and most-trusted crypto asset outside of Bitcoin, a spot ETF for Ethereum would put the newly bonafide ‘digital silver’ into the largest portfolios and launch the currency into the stratosphere.
Assuming BlackRock’s spot Bitcoin ETF gets approved, it should only be a matter of time before its spot Ethereum ETF is also launched to the market. The knock-on effect of that will be substantial as other financial firms launch their own Ethereum ETFs.
Savvy traders view ETHETF Token as the intelligent way to play the Ethereum narrative
Ethereum is expected to hit $2,400 and eventually $3,000 if the crypto bull market continues to pick up steam. If this happens, tokens associated with Ethereum will pump even more, much like previous bull cycles in the market.
With capital rotation, the rule to play by is that after Bitcoin pumps, Ethereum pumps, and then altcoins. A surge for Ethereum past $3,000 will likely give a token like $ETHETF multiples that would be difficult to find anywhere else.
ETHETF Token is an ERC-20 token that is easily accessible on Uniswap for any trader and offers bullish conditions for traders leading up to an Ethereum spot ETF approval.
The website indicates that there was no presale, a stealth launch and that 95% of the 100 million token supply was allocated to DEX liquidity. With liquidity now at $520,000, locked for seven days, and 24-hour volume totaling $4.37 million, conditions are perfect for explosive upside action.
With 5% of the token supply allocated to CEX listings, it’s an indicator that the team behind ETHETF Token intends to create something unique and not just another meme-style token. In addition to this, 2% of every buy transaction is burned, which decreases the circulating supply all the time. After just one day, 5.35% of the $ETHETF token supply has already been burned.
One of the project’s major roadmap milestones happens when the first Ethereum spot ETF is approved; this will result in the 2% buy tax being removed from the smart contract, which will release the shackles for $ETHETF and encourage more upside pressure.
To buy the token, simply connect your crypto wallet to Uniswap, copy and paste it into the contract address to ensure you are buying the correct coin, and make your purchase. Make sure you have enough ETH left over to pay for gas.