Ethereum
Ethereum Bulls Prepare for Recovery
Ethereum (ETH) is prepare for a price increase as we begin a new week. Ethereum is currently trading at $3,195 and is up 1.83% in the last 24 hours. While Ethereum’s gains are part of a broader stock market rally after a rebound, the altcoin is in the best position is expected to see the biggest increase in the coming weeks.
Fundamentals point to a prolonged price rally ahead of the imminent Spot ETF launch. Moreover, technical indications suggest a bullish outlook for Ethereum as it approaches a crucial resistance level around $3,250.
Ethereum Basks in Bullish Sentiment
Ethereum is now looking to break above $3,200 after trading below $3,100 for most of the week. Although Ethereum broke above $3,000 again last week, the king of altcoins has largely consolidated between $3,000 and $3,100 in what looks like a slowdown in bullish sentiment.
However, on-chain analysis and fundamentals indicate that Ether still enjoys bullish sentiment among investors. The majority of investors are waiting for a signal before jumping into the asset.
For starters, there’s a growing sense that Ethereum Spot ETFs could be on the horizon. VanEck and other potential issuers amended their filings earlier this week in hopes of receiving final approval from the SEC. This could be a game-changer for the cryptocurrency market in 2024 if Ethereum Spot ETFs begin trading.
According to Thomas Perfumo, Kraken’s Head of Strategy, Spot ETFs could generate an additional $1 billion in monthly inflows into Ethereum. This new influx of demand and money could allow Ethereum to surpass its current all-time high of $4,900 to reach new price territory above $5,000.
According to several reports, things are take a better turn The approval of these Spot ETFs is underway, and the potential for SEC approval has increased significantly. As noted by Eric Balchunas, senior ETF analyst at Bloomberg, everything is already in place for ETF approval, and it is unclear why the SEC is taking so long. This has led to an increase in the bullish case for Ethereum for the rest of the month.
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Yeah, right now, everything is quiet on the Western front regarding ETH ETFs. Nothing from the SEC this week. No idea why they are taking so long. All the issuers are ready. The documents are ready. It’s like a rain delay in baseball. We just have to wait. Maybe things will move quickly next week. We’ll see… https://t.co/o1ZSdIf1nE
— Eric Balchunas (@EricBalchunas) July 12, 2024
Indicators look bullish
On the technical side, technical indicators also support a bullish outlook. According to the daily candlestick chart, Ethereum is on track to close its third consecutive bullish daily candle for the first time since June 16. The crypto is also attempting a break above the 100-point moving average. A break above the 100-point moving average in correlation with a bullish daily close could consolidate the bullish momentum heading into a new week.
