Is Ethereum About To Take Off? Analysts Weigh In Amid ETF Approval Date Rumors

by

As a researcher with a background in cryptocurrencies and market analysis, I’ve followed Ethereum (ETH) closely over the past few years. The recent bearish sentiment towards ETH has been a topic of concern for me, as its struggles to regain last cycle’s heights have left some investors feeling uncertain. However, recent news regarding the potential approval of an Ethereum-backed Exchange-Traded Fund (ETF) has fueled optimism within the crypto community.

As a crypto investor, I’ve noticed the disappointment amongst some in the community regarding Ethereum (ETH) not reaching its past cycle’s peaks. The second quarter’s performance has only intensified this bearish sentiment. However, whispers of an upcoming ETH Exchange-Traded Fund (ETF) approval have analysts buzzing with excitement. They predict that this could mark the beginning of Ethereum’s “ETH season,” a period where the “King of Altcoins” typically shines bright in the crypto market.

Will Ethereum Spot ETF Come Next Week?

As a researcher, I’ve come across intriguing news from Reuters on Wednesday. According to their sources within certain investment firms, there are strong beliefs that Ethereum ETFs could be approved by the Securities and Exchange Commission (SEC) in the coming week. This anticipation stems from recent remarks made by SEC Chair Gary Gensler regarding these investment products’ potential approval.

This week at the Bloomberg Invest Summit, Gensler shared that the approval process is progressing nicely. It’s predicted that the much-awaited product releases may occur as soon as this summer, with a possible start as early as July.

Based on Reuters’ report, there is optimism among industry insiders and legal professionals that an Ethereum ETF may receive approval in the coming fortnight. The potential green light for this ETF could even be granted as early as July 4th.

Approximately a month ago, the price of Ethereum (ETH) experienced a significant surge, reaching over 30% growth and climbing from around $3,000 to the $3,900 price range. More recently, ETH has retreated and is now hovering near the $3,200 support level.

Despite the recent ETF rumors, Ethereum, referred to as the “King of Altcoins,” experienced a favorable effect. This led to a 2.5% increase in its value, allowing it to regain the $3,400 support level that was lost at the beginning of the week.

Is ‘ETH Season’ Around The Corner?

As a crypto analyst, I have been closely monitoring Ethereum (ETH). Despite the anticipated underwhelming launch of the ETF, my analysis indicates that ETH is gearing up for a significant price surge. The cryptocurrency seems poised for a massive push higher as it approaches critical resistance levels in the weeks leading up to the potential approval.

I’ve analyzed his chart and noticed that the cryptocurrency is currently testing the support of a downtrend within the accumulation range. If Ethereum (ETH) surges past $4,000 once more, Jelle anticipates that it may not halt its advancement. He refers to this potential breakthrough as a “nearly three-years-in-the-making event” that will mark the beginning of the Ethereum bull run or “ETH season.”

Daan Crypto Trades noted that Ethereum is continuing to contract within a prolonged downtrend spanning over two years. According to the trader, the peak prices in May represent the level where a breakthrough could occur. If Ethereum manages to achieve a new higher high above 0.0575, it would shift the market trend towards bullish.

Additionally, Crypto Yoddha pointed out the descending triangle formation in the ETHBTC graph. The analyst is confident that a breakout will occur “very soon.” Similarly, trader Miky Bull believes Ethereum is primed for an uptrend following its retest of the .618 Fibonacci level.

Although it has dropped more than 10% from its May peak, Ethereum (ETH) has managed to gain a 3.6% rise in the recent 24-hour period. Currently, ETH is being traded at approximately $3,450.

Read More

2024-06-28 07:16