Spot Ethereum ETFs Finally Debut: Top Altcoins to Watch
After a long-anticipated wait and numerous delays, spot Ethereum ETFs launched on July 23. However, ETH, the native cryptocurrency of the Ethereum blockchain, isn’t the only digital asset in the spotlight.
Several altcoins, with strong fundamentals tied to the blockchain and a high correlation to ETH, stand to benefit from this development. Here are the top three altcoins historically shown to gain from the ETH ETFs.
Uniswap (UNI): Poised for a Surge Thanks to Ethereum
Uniswap, the largest decentralized exchange for trading cryptocurrency tokens via liquidity pools on Ethereum, has a native token, UNI, which shows a strong correlation with ETH. This connection was confirmed by BeInCrypto after analyzing the correlation coefficient data provided by Macroaxis, making UNI one of the altcoins likely to benefit from the Ethereum ETF launch.
Currently, UNI trades at $7.57, having seen a 21.31% decrease since the start of the month, potentially providing a “buy the dip” opportunity. Additionally, crypto whales have been accumulating UNI, signaling bullish potential. The Awesome Oscillator (AO) is also flashing green histogram bars, indicating that the downward momentum may soon reverse.
If this trend is validated alongside continued large accumulations, UNI’s price could rise above $8 in the short term. Should bulls manage to fend off the bears, the token’s value may climb as high as $9.40 or even $10.03. However, if ETH’s price underperforms, UNI could slip to $6.76.
Pepe (PEPE): On the Verge of Another Rally
No list of potential altcoin gainers would be complete without mentioning Pepe (PEPE), the leading meme coin on Ethereum.
PEPE recently broke out of a descending channel pattern, a downtrend indicator with resistance and support levels defined by the upper and lower trendlines, respectively. The breakout saw PEPE rise to $0.000013 before retracing to $0.000012. Despite the sideways movement, the Accumulation/Distribution (A/D) line indicates that buying pressure is slowly improving.
Furthermore, the Relative Strength Index (RSI) remains above the neutral line, indicating bullish momentum. If ETH’s price heads towards $4,000, PEPE is likely to make a strong move, potentially retesting the $0.000015 mark.
Ethereum Name Service (ENS): Potential to Hit $34 Following Bitwise Announcement
Recently, we highlighted that ENS could benefit significantly from the spot Ethereum ETFs, a prediction confirmed when the cryptocurrency’s price reached around $28.35. On July 23, Bitwise Invest, an ETF issuer, announced it would be the first ETF to incorporate ENS subnames for each address.
According to Bitwise’s post on X, the use of the Ethereum Name Service will enhance transparency in verifying its holdings. This development makes ENS a strong candidate to benefit from the Ethereum ETF launch.
The chart shows ENS ascending and hitting support levels at higher prices, contributing to the recent price increase. Additionally, the Moving Average Convergence Divergence (MACD) is positive, reflecting a slightly bullish momentum. If sustained, ENS could break the $30 resistance and reach $34.32. Conversely, failing to surpass the resistance could see its price decrease to $26.61.
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