Yesterday’s ETH ETF launch concluded with strong volume, surpassing expectations. Why didn’t the market rise? The 10-year MTGOX asset return process is completing, and the market not being lower is a success. Thus, bullish sentiment is balanced by massive fear. However, the expected scenario will eventually occur.
Cryptocurrencies Set to Rise
BTC ETF listing didn’t immediately push the leading cryptocurrency to record levels. We experienced a 2-month period. Considering the reasons mentioned earlier and upcoming developments over the next two months, we have strong potential to see delayed yet significant bullish movements in cryptocurrencies.
As ETH rises, it is expected that the strong building blocks of its ecosystem will also gain more. Three popular altcoins could benefit significantly from ETH’s rise.
Uniswap (UNI)
One of the most popular DeFi platforms on the network, it allows decentralized trading of cryptocurrencies through liquidity pools. UNI Coin has a strong price correlation with ETH. Therefore, UNI Coin’s price is also expected to increase with the ETF trigger.
In the short term, the target is above 8 dollars. If the rally continues, targets of 9.4 and 10.03 dollars could be achieved. However, in a bearish scenario, losses down to 6.76 dollars are possible.
Pepe (PEPE)
One of the most popular meme coins on the Ethereum network, it has been leading in recent rises. PEPE Coin recently broke out of a descending channel formation. Although it climbed to 0.000013 dollars, the general market decline affected it. If RSI stays above the neutral zone and ETH targets 4,000 dollars again, the new rally will target 0.000015 dollars.
ENS Coin
Ethereum Name Service (ENS) is the most popular name service on the network. It has been praised multiple times by Vitalik. Bitwise Invest announced it would acquire ENS names for each address. If other ETF issuers also acquire ENS names for Ethereum addresses, this will be a significant development for ENS Coin.
We could see ENS Coin reaching new highs with closures above 28.35 dollars.
