Ethereum
Ethereum (ETH) to Surpass $4,100 as Falling Wedge Pattern Plays Out
Mushumir’s ass
Recent SEC Approval of Ethereum Spot ETFs Could Drive ETH to New All-Time Highs
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Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is on the verge of a significant price breakout. Crypto analyst Jelle recently noted that ETH continues to follow the downward wedge trend, as expected. He mentioned that there could be a few more days of fluctuations below the current local highs before the next upward move. Jelle also suggested that potential ETF news in the coming week could propel ETH beyond $4,100, with the possibility of all-time highs.
At the time of writing, Ethereum is trading at $3,725, experiencing a slight decline of 1.76% over the past 24 hours. However, the cryptocurrency has shown impressive resilience, posting an increase of 21.68% over the past 30 days. This bullish feeling is further fueled by recent regulatory developments in the United States regarding Ethereum spot exchange-traded funds (ETFs).
Ethereum Spot ETF
Last week, the United States Securities and Exchange Commission (SEC) approved applications for Ethereum spot ETFs, a landmark decision that could have significant implications for the cryptocurrency market. Analysts suggest that these ETFs could be launched by the end of June, following crucial updates from major financial entities.
On May 29, BlackRock, the world’s largest asset manager, update its Form S-1 for the iShares Ethereum Trust (ETHA) with the SEC. This update came nearly a week after the regulator approved its 19b-4 filing, both of which are required for the ETF to begin trading. The move was seen as a positive indicator by market watchers and analysts.
Bloomberg ETF analyst Eric Balchunas commented on the development in a May 29 article, saying it was a good sign. Balchunas explained that there would likely be another round to refine the SEC’s comments, but maintained that launching in late June is a legitimate possibility. He noted that while the chances of approval around July 4 are more realistic, earlier approval would be far from possible.
The anticipation around Ethereum ETF contributed to ETH’s bullish outlook. The approval of these ETFs is expected to increase institutional investment in Ethereum, thereby significantly increasing its price. The falling wedge pattern, a technical analysis indicator that typically signals a bullish reversal, aligns with these expectations.
About the Author
Mushumir’s ass
With over three years of immersive experience in the crypto industry, Mushumir is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance. From analyzing the latest innovations in blockchain to demystifying trading strategies, he brings a unique blend of technical knowledge and infectious flair to the crypto space. Having written countless articles, analyzes and market reports, Mushumir has developed a distinctive voice that resonates with seasoned investors and newcomers to crypto alike.