Ethereum Records Major Bullish Sign Against Bitcoin

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Ethereum (ETH) may finally be ready (BTC) to gain ground against Bitcoin.

As noted by prominent trader Josh Olszewicz, the ETH/BTC pair has managed to close above the two-day Ichimoku cloud for the first time in 525 days.

His analysis suggests that the pair has likely bottomed out after nearly two years of underperformance.

The flagship altcoin is currently changing hands at 0.055 BTC on the Binance exchange.

After reaching a peak of 0.061 BTC in January, the ETH/BTC pair saw a strong downtrend, falling back to 0.044 BTC in May. However, Ethereum managed to gain as much as 28% against the largest cryptocurrency in the same month, following the unexpected approval of several Form 19b-4s for Ethereum exchange-traded funds (ETFs) by the Securities and Exchange Commission. and Exchange Commission.

The approval process is now proceeding “without any problems,” according to the SEC chairman. Gary Genslerand it looks like these products may start to be marketed in the near future.

Earlier today, Reuters reported that Ethereum ETFs would likely go live by July 4. According to anonymous sources cited by the media outlet, talks between potential ETF issuers and the regulator have reached the “final stages.” Now only “minor” issues need to be resolved.

While the anticipated launch of Ethereum ETFs could be a major bullish catalyst for the leading altcoin, it remains to be seen whether the inflows will be impressive enough for the market. Morningstar’s Bryan Armor noted that Ethereum ETFs would be unable to generate the same level of excitement as Bitcoin ETFs.

About the Author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to this booming sector, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes, and other fintech outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.

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