As an experienced analyst, I believe Ethereum (ETH) is poised for significant price growth in the coming weeks. The altcoin’s current trading price of $3,195, up 1.83% in the last 24 hours, is a positive sign that Ethereum is benefiting from the wider market rally. However, I believe Ethereum has the potential to surge more than other cryptocurrencies due to several fundamental and technical reasons.
As we kick off a new week, Ethereum (ETH) is showing signs of price growth with its current value at $3,195, representing a 1.83% increase over the past 24 hours. While the broader market has rallied following a rebound, Ethereum stands out as having the strongest potential for significant price increases in the upcoming weeks.
The basic signs indicate a prolonged price increase for Ethereum prior to the rollout of Spot ETFs. Furthermore, based on technical analysis, Ethereum’s bullish forecast is reinforced as it nears a significant resistance level at approximately $3,250.
Ethereum Basking In Bullish Sentiment
As a researcher studying the cryptocurrency market, I’ve noticed Ethereum attempting to surpass the $3,200 mark after spending most of the past week hovering around $3,100. Despite briefly breaking above $3,000 last week, Ethereum showed signs of a halt in its bullish momentum, trading within a narrow range between $3,000 and $3,100.
Despite the indicators from on-chain analysis and fundamental aspects suggesting that Ether’s investor base remains optimistic, many investors are holding back and are looking for a clear sign before committing to the asset.
To begin with, there’s increasing anticipation that Ethereum Spot Exchange-Traded Funds (ETFs) may become available soon. VanEck and other prospective issuers have recently updated their applications with the Securities and Exchange Commission (SEC), aiming to secure final approval. The launch of these ETFs could significantly impact the crypto market in 2024 if they begin trading.
Based on the insights shared by Thomas Perfumo, Kraken’s Head of Strategy, it is estimated that Spot ETFs could generate an additional $1 billion investment in Ethereum every month. This surge in demand and capital infusion might propel Ethereum beyond its existing record high of $4,900 and reach new price heights above the $5,000 mark.
Based on various sources, there’s growing optimism that the SEC will approve the Spot Ethereum ETFs soon. Bloomberg’s senior ETF analyst, Eric Balchunas, points out that all necessary components are already in place for approval. The delay from the SEC remains unclear, leaving many investors hopeful and boosting Ethereum’s bullish case for the remainder of the month.
Currently, there’s been no action from the SEC regarding Ethereum ETF applications. No updates have been released this week, leaving many in the industry eagerly waiting for developments. It seems like a holding pattern, much like a rain delay in baseball, where everyone is prepared and ready to go but must simply wait. Hopefully, progress will pick up pace next week.
— Eric Balchunas (@EricBalchunas) July 12, 2024
Indicators Looking Bullish
As a crypto investor, I’m observing some positive technical signs for Ethereum. Based on the daily candlestick chart, Ethereum is aiming to finish its third consecutive bullish day in a row for the first time since June 16. Additionally, it’s trying to surpass the 100 Simple Moving Average (SMA). If Ethereum manages to break above the 100 SMA while also recording a bullish daily close, it could bolster the bullish trend as we move into the new week.
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2024-07-14 16:16