Initial trading activity for Ethereum futures exchange-traded funds (ETFs) was much lower than expected. Recent Ether futures exchange-traded funds failed to make a major impression despite being billed as revolutionary products. On its first day of trading, less than $2 million was traded across all nine ETFs.
Valkyrie’s BTF futures exchange-traded fund was the most popular option. A combination of Bitcoin and Ether are being tracked by this investment instrument. The total volume of trades was $882,000.
Moreover, as a result, numerous market observers have pointed out that Ethereum has underwhelmed. Bloomberg senior ETF analyst Eric Balchunas commented on Twitter, saying that the trading volume was underwhelming.
Bearish Sentiment Looms
With the global crypto market cap down 1.85% at the time of writing, the price of Ethereum has fallen by 2.10%. Despite today’s drop, ETH is still up 4.41% in the last week, 1.52% in the past 30 days as per data from CMC.
At the time of writing, ETH is trading at $1656, down 2.10% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 26.05%. The price has recently broken the $1666 support level. Now, it will likely test the $1577 support area. If the price breaks below this level then it will likely test $1539 support level.
On the other hand, if the price manages to past the $1687 resistance level then it will likely test $1734. If the bulls can drive price beyond this level then it will likely test the $2000 resistance level.
