Ethereum Spot ETF Launches on July 23, ETH Price Expected to Hit New Highs at $5,600 Soon

After suffering a brutal attack, the Ethereum Price Bitcoin price has bounced back and moved faster than expected from the lows. With this, the target above $4,000 has been triggered, but the rally is unlikely to cool down until it forms a new ATH above $5,100. Will the upcoming ETF launch be the major catalyst to push levels above $5,000?

Crypto markets started the week on a bullish note after reigniting a strong rally over the weekend. Market participants became more confident about the upcoming uptrend after the spot ETF launch date was confirmed. According to the update from Eric BalchunasSenior ETF analyst for Bloomberg, the Ethereum ETF is set to launch on Tuesday, July 23.

Will Ethereum (ETH) Price Hit $5,000 After ETF Launch?

ETH price attempted a breakout and could face a slight pullback to eradicate weak sellers, which could pave the way towards $4,000 this month. However, ETH price seems to be all set to mark a new ATH at $5,100 as predicted by one of the popular analysts, Pierre Brandtafter launch.

ETH price has found strong support, which the analyst calls the lower boundary of the “4+ month rectangle.” This was also a retest of the completion of a horn bottom in February. Therefore, the analyst believes that the rally has not yet completed the upside breakout, which will lead to the formation of a new ATH, likely around $5,600 or higher.

After a massive surge from the levels around $3,244, Ethereum price is facing minor bearish actions that have pushed the levels from around $3,475 to the current levels of $3,400. The bears have started to exert their pressure, which could push the ETH price down to near $3,315, after which a strong uptrend could begin.

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