Are the Brits on the Verge of Investing in ETH? City Capital Might Ignite Ethereum USD This November

Has the United Kingdom missed the boat? British officials now believe this is the opportune moment to unleash the “crypto beast,” approximately a year after the debut of the first spot Ethereum ETF in the United States, and over 15 months after the U.S. SEC approved a spot Bitcoin ETF.

The update was expected to immediately boost ETH USD and some of the top cryptocurrencies to purchase. Nevertheless, that hasn’t transpired. Markets seem to be dragging, with prices even declining. Despite a significant recovery pushing the Ethereum price above $4,000, sellers remain persistent.

Currently, ETH USD has dropped nearly 4% during the past week of trading. Changing hands below $3,900, the second most valuable crypto asset sits over $1,000 shy of its all-time highs. With each downward tick, there seems to be ample reason to brace for volatility.

(Source: Coingecko)

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Ethereum USD Flat, Will Ethereum Bulls Drive Prices Over $4,500?

If the listing of ETH and BTC ETPs on the London Stock Trading platform is anticipated to be significant, then ETH USD should firmly resist any attempts by sellers to push prices down below $3,700.

On the daily chart, $3,700 serves as an essential price floor level indicative of October lows. A downtrend flag is emerging, but although Ethereum USD prices surged after dipping on October 10, buyers did not rally to completely reverse losses.

Instead, ETH USD has been gaining momentum lower, with $4,250 serving as local barrier level that must be overcome for the upward trend to resume.

On Coinglass, traders exhibit bullish sentiment. The long-short ratio on Binance averages over 2.5, indicating a greater number of leveraged longs are open; a favorable sign for bullish buyers.

(Source: Coinglass)

Nonetheless, taking into account the pattern of discouraging lower lows, trading volume on Binance and OKX has dropped, on average, by over -8% to $19.42Bn and $12.13Bn, respectively.

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Will Ethereum ETPs on The London Stock Exchange Propel Prices?

The future of Ethereum USD recovery hinges on how BlackRock, 21Shares, Bitwise, and WisdomTree perceive the Ethereum ETPs on the London Stock Trading protocol today.

Following a public consultation that began earlier this year, the main regulator, the Financial Conduct Authority, removed its four-year restriction on retail access to crypto ETNs. Previously, the regulator expressed concerns over the volatility of these products and the lack of strong consumer protections.

(Source: London Stock Exchange)

With these listings, retail investors will have the opportunity to purchase through familiar brokerage accounts like pension funds and ISAs. In this context, crypto gains will be tax-free, potentially serving as a catalyst for more investors to engage with ETH USD. This could elevate the ETH price above $4,000 and even $5,000 in the near future.

Alexis Marinof, the CEO of WisdomTree Europe, stated that the introduction of crypto ETPs on the London Stock Trading platform signifies the progress the crypto market has made and the growing interest from stock investors in cryptocurrencies.

“The availability of crypto ETPs on the Main Market of the LSE illustrates how the trading market has matured, giving investors assurance that they can access digital assets through trusted and regulated channels. Transparency and accessibility are vital for building confidence in this asset class, and today’s landmark decision reinforces that notion.”

Meanwhile, in the United States, institutions seem to be pulling back from their long positions in Ethereum USD. There have been outflows from spot ETH ETF issuers for three consecutive days, with more than $145M in spot ETH ETFs redeemed on October 20.

(Source: SosoValue)

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The post Are The British About to Price surge ETH? City Capital Could Fire Up ETH USD in November appeared first on 99Bitcoins.