"In Sh*tcoin Season, any pointless cryptocurrency with a Twitter account can enchant thousands of traders into playing memecoin musical chairs. Throwing money at the wall and reason out the window, they let greed get the best of them. Sometimes literally." That is how I started my May 2023 story about $GREED, a social experiment that duped crypto traders hoping to score a quick buck into embarrassing themselves on Twitter (now X). It was a lesson in good judgment disguised as a money-making opportunity. The story's moral did not stick. In less than a year, speculators' memecoin greed prompted them to once again trade their good judgment for too-good-to-be-true returns. Presale scammers pitching exclusive memecoins earlier this year stole $122 million from wannabe get-rich-quick degens, according to on-chain sleuth ZackXBT.
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There are various software solutions and trading tools used to gauge the price of Ethereum on a chart, but the most common one is undoubtedly through a chart with Japanese candlesticks. Every candlestick is a visual representation of a time frame - it can be a second, a minute, an hour, a day, a week, a month, or even a year. Each candle provides specific information, which includes the opening price, the current price, the closing price (the price at which the candle was closed and a new one appeared on the chart), as well as the highest and the lowest point of the price reached during that time frame. In addition to simply looking at the candles, most charting tools also provide additional instruments such as moving average trendlines, Fibonacci retracement levels, Relative Strength Index (RSI), and more. Cryptocurrencies traded on the open market are much like any other asset traders can access on an exchange. ETH - the native cryptocurrency of the Ethereum protocol - is no exception.
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The SEC's recent interactions with Ethereum ETF applicants have suggested constructive dialogue, with the latest round of feedback addressing only minor inquiries. In May, the commission already approved the exchange's proposal to include these products in the list, which indicates forward movement. However, actual trading cannot begin without separate subsequent approval. Financial giants such as BlackRock Inc., Fidelity Investments, 21Shares and Invesco are among those awaiting the green light for their Ethereum ETFs. While many details, such as the funds' fees, remain undisclosed, expectations are based on whether these Ether portfolios will reflect the demand seen in January, when US spot Bitcoin ETFs attracted $52 billion in assets.
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