Ethereum
ETH ETF trading starts on July 23!
Ethereum fans have been waiting for a long time for Ether to surpass its previous all-time high and reach new highs. Various market and off-market conditions have prevented ETH from doing so. Finally, the circumstances are looking positive and it seems that this time, ETH will reach $5,000 or even higher. Let’s see why we say this.
Ethereum ETFs are on the way
After Bitcoin ETFs, the crypto world has its eyes set on the launch of ETH ETFs. For the past few months, the process has been underway. According to James Seyffart, a research analyst at Bloomberg, 9 ETH ETFs will be launched next week. In his tweet, he shared an image of a chart with the names of ETH ETF companies along with their fees and other important data.
Source: James Seyffart
From the picture, a lot has become clear about Ethereum ETFs. With Grayscale, Franklin, VanEck, and Bitwise, 21 Shares Fees range from 0.15% to 0.21%. Of the 9 ETFs, Coinbase will be the custodian for 7. Five ETFs will be listed on the Chicago Board Options Exchange (CBOE), 3 on the New York Stock Exchange, and one on the Nasdaq. Grayscale has reduced its fees for this ETF. In its initial S-1 filing, Grayscale listed a fee of 0.25%, which has now been reduced to 0.15%. This makes Grayscale the only ETF with the lowest fees.
ETF trading will begin on July 23, 2024 according to CBOE Opinion.
Technical analysis predicts an upward trend
The daily chart of Ethereum shows very positive momentum in the market. ETH is trading at $3,492.8 at the time of writing. Several moving averages (MAs) are supporting the current price from below. The MA 50 is the closest to the current candle, and the MA 100 is between the MA 50 and the MA 20. Looking at the current trend, it seems that the MA 20 will cross the daily moving average of 100 and move higher, thus boosting the price.
Source: TradingView
The current price is battling a resistance zone. However, looking at the MACD, we can be sure that the bulls are gaining strength. Once the price breaks this zone, it will face a major monthly resistance at $3,750, followed by a weekly resistance between $3,850 and $4,050. ETFs will be launched next week and a Bitcoin conference will be held in Nashville. Presidential candidate Donald Trump will speak there. His pro-crypto stance is also helping the cryptocurrency market.
Looking forward
Ethereum chart data, the upcoming launch of Ethereum ETFs, and Donald Trump’s presence at the Bitcoin conference are all signs that ETH will break through all resistances and create a new all-time high. According to experts, ETH will create a new ATH above $5,000 this time.
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