Ethereum ETF Launch by Monochrome: What Next for ETH Price?

Monochrome Announces Ethereum ETF: Price Surge Ahead?

Monochrome has applied to list a new Ethereum ETF, named IETH, on Cboe Australia. This ETF aims to provide retail investors with a regulated way to invest in Ethereum by tracking its market movements. 

The initiative, in partnership with Vasco Trustees Limited, follows the successful launch of Monochrome's Bitcoin ETF. The IETH ETF will offer a dual-access model for cash and in-kind transactions, simplifying investor engagement. Upon approval, it will be available through major Australian brokerage platforms, promoting wider adoption of crypto investments in traditional portfolios.

The Monochrome Ethereum ETF will use a dual-access model, allowing both cash and in-kind transactions to simplify investor engagement. Once approved, it will be available through major Australian brokerage platforms, making it easier for retail investors to adopt and integrate crypto investment strategies into traditional portfolios.

Will Ethereum ETF Put Bullish Pressure On Ethereum Price

Ethereum crypto price has been in a downtrend since March 2024 and in a bearish trend. In July 2024 ETH price broke below the key exponential moving averages showcasing weakness on the technical chart. However, it getting support from the $2,313 level which prevents it from further downside.

At the time of writing, Ethereum was trading at the level of $2,388 with an intraday loss of 2.50% and with 24-hour trading volume of 13.72 Billion. At press time its market cap stands at 287.12 Billion with a circulating supply of 120.32 Million.

In the last 6 months, Ethereum price was down by almost 38.83% showcasing a bearish momentum. Moreover, It was down by almost 37.49% in the last 3 months and 5.75% last week suggesting bear dominance. However, Ethereum ETF could bring a spark in its price. 

According to a technical summary of Trading-view out of 26 indicators, 15 are indicating a sell signal, 9 are neutral and 2 on the buy-side suggesting bearish momentum in   Ethereum price.

Conclusion

Monochrome's application for an Ethereum ETF on Cboe Australia aims to provide a regulated investment pathway for retail investors, potentially boosting Ethereum's market presence. Despite Ethereum's recent bearish trend and significant price declines, the introduction of the ETF could spark renewed interest and upward price movement. Currently, technical indicators suggest bearish momentum, but the ETF's approval might shift market sentiment.

Also Read: Whale Activity Boosts AAVE’s Price Towards $150 Milestone