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In response to the encouraging announcement that Ether ETFs will be allowed to list on US exchanges, the value of the larger cryptocurrency markets, including Bitcoin (BTC) and Ethereum (ETH), dropped.
The price of Ether saw a 4% decrease after the approval, reversing a 20% increase attained over a week driven by the expected approval and positive projections for the ETFs' listing.
The price of Bitcoin and Ethereum fell sharply despite the good news that spot Ether exchange-traded funds (ETFs) were approved in the US. Various reasons transpired before the selloff.
DTX Exchange has become the favorite investment plan for market experts. Its exponential growth in the form of presale performance has been attracting investors.
In the past, significant ETH transfers to cryptocurrency exchanges had drawn attention from the market. This action prompted conversations about potential profit-taking, portfolio adjustments, and market speculation.
More than 242,000 $ETH have been added to exchange wallets in the last two weeks, indicating a spike in trading activity that may cause more volatility in the market.
Furthermore, according to a tweet from a technical and on-chain analyst, 10,000 $ETH, or roughly $37.38 million, had been transferred to the Kraken exchange by the co-founder of Ethereum.
All these flows of Ethereum from different wallets to the cryptocurrency exchange wallets indicated the intention of the large players aiming to book profits amid the ETF news. The news event that turned the ETF approval into a sell is a result of the large investors using the news to rebalance their portfolios.
It's time to examine the price chart to see what the future holds for Ethereum now that the news has caused the price of ETH to tremble. The daily chart indicates that the recent support is located around $3600, a level that the bulls may attempt to defend in the short term.
Furthermore, the $3850 level might serve as a supply zone and a barrier for bulls pursuing higher prices. Until the crypto is kept between these levels, the price action appears to be range-bound and sideways.
DTX Exchange is the first large-scale exchange to offer 1000X leverage to users without any KYC (Know Your Customer) requirements. Thanks to the platform's 1000x leverage feature, users can invest less money in larger positions. It also provides a high drawdown and fund availability even with open positions to guarantee significant profits in the market.
The platform uses distributed liquidity pools to improve liquidity and lower slippage. These pools improve trading efficiency by combining liquidity from various sources. KYC requirements are a major obstacle for new traders. With DTX's special hybrid model, users can trade without KYC regulations.
These distinguishing features and the remarkable stage presale raise of $580,000 have made DTX Exchange the best bet for massive returns. The current price of $0.04 has made DTX a steal deal, according to market experts.
DTX price will soon surge as the presale progresses to the next phase. Along with the price surge, a giveaway announcement is also impending. The elimination of gas fees through the VulcanX update has already given immense importance to the project. Thus, the experts suggest investing in DTX due to its huge growth potential.
Although market observers had been anticipating a spike in Ethereum's price, the ETH price has dropped since the spot ETF was approved. The best option for 100X gains is now DTX Exchange, priced at $0.04.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
