Spot Ethereum ETFs saw surprisingly strong inflows on Tuesday, cumulatively adding over $33 million yesterday.
This comes after Grayscale’s outflows tapered down to just $120 million on Tuesday from $210 million the day before. Meanwhile, BlackRock’s ETHA ETF recorded a massive $117 million in inflows, bringing its total tally to $618 million since launch.
Great news from the Ethereum flows!Yesterday, the markets saw a net INflow of $33 million for $ETH.It explained why ETH/BTC is stronger.The outflow from the Grayscale trust is also stagnating, through which it seems that the heaviest impact of the outflow is over. pic.twitter.com/M4IjtTWTwb
— Michaël van de Poppe (@CryptoMichNL) July 31, 2024
Experts believe the bottom could be in for ETH, especially if the ETFs continue to show strength. Some Ethereum price predictions even have the largest altcoin hitting a new all-time high in August.
Ethereum meme coins such as Pepe and Floki could also push towards new highs next month. Even new low-cap meme coins are in high demand, with experts labelling tokens such as WienerAI as some of the best cryptos to buy now.
Ethereum Price Prediction for August
The Ethereum price appears to be on the cusp of a major breakout, sparked by the strong inflows in spot ETH ETFs.
Ethereum appears to be replicating BTC’s playbook. The initial outflows from Grayscale resulted in a correction in Bitcoin as well. However, experts highlight that BTC formed a local bottom once Grayscale lost nearly 15% of its market cap.
Now that Grayscale’s ETHE has offloaded nearly 15% of its holdings, the Ethereum price appears poised to push towards a new all-time high.
Notably, BlackRock’s spot Ethereum ETFs saw a higher inflow on Tuesday as compared to its BTC counterpart. Unsurprisingly, the ETH/BTC trading pair is also showing strength and is up by 1% today.
The impact of today’s FOMC meeting also cannot be understated. While the Federal Reserve is expected to keep its interest rates unchanged, Fed Chair Jerome Powell’s speech could foreshadow rate cuts in September, which could spark a crypto bull run.
Indeed, the CME FedWatch is showing a nearly 100% probability of at least one rate cut by September.
Consequently, our Ethereum price prediction has the token showing significant bullish strength in August.
The ETH price could flip its 100-day SMA and 50-day EMA after the FOMC - both of which are hovering near $3,350 - paving the way for a major upside rally. Furthermore, the largest altcoin is expected to retest its May high and trade as high as $4,100 by the end of next month.
The Ethereum price is currently trading at $3,324, with a market capitalization of just under $400 billion.
Ethereum Meme Coins Also Backed To Explode In August
Ethereum meme coins show a strong correlation with ETH. Therefore, it is no surprise that tokens such as Pepe and Floki are expected to push towards new highs, especially once the ETH/BTC pair surged past 0.06.
However, new meme coins are also stealing the spotlight.
For instance, WienerAI (WAI) closed its highly successful presale today after raising over $9 million from early adopters.
In fact, the pent-up demand and FOMO surrounding the project made the developer team give investors 5 extra days to buy the meme coin at its discounted price. WAI will go live on August 5 on top-tier exchanges.
The regular presale phase has ended!Get ready: Token claims and trading kick off on Monday, August 5th.We're partnering with top-tier exchanges for the launch. pic.twitter.com/GvgxgRx7ai
— WienerAI (@WienerDogAI) July 31, 2024
The strong early demand isn’t the only facet catching the attention of smart money investors. As the name suggests, WienerAI combines memes with AI.
It is set to launch its own AI Trading Bot, with excellent perks for token holders. Furthermore, WAI buyers can stake their holdings and earn passive income at an APY much higher than the industry standard.
Owing to its unique value proposition, some experts feel that WienerAI could offer up to 100x returns after its launch, labelling it as one of the best cryptos to buy now.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
