Will ETH Outperform BTC As ETF Launches in July?

The weekends are mostly neutral for the cryptocurrency market as digital assets attempt to stabilize after a recent sell-off. Bitcoin The price seeking support at $55,000 has eased the supply pressure for the altcoin as ETH price also shows renewed demand at $1,815. However, several analysts anticipating the Ethereum ETF launching around mid-July, there is potential for a major reversal in the price of ETH.

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Ethereum Price Analysis Points to $3,800 Upside Amid Healthy Pullback and Potential ETF Approval

Ethereum Price Analysis | Tradingview

The current correction in Ethereum Price The trend started in late May when the price retraced from $3,974. This new high-low formation on the daily chart indicates that buyers lack sufficient momentum to pursue new highs, which shifts the price trajectory sideways.

The bearish reversal caused the Ether ETH value fell nearly 30% to seek support at the confluence of $1,815 and the 23.6% Fibonacci retracement level. Along with a broader market correction, the US SEC’s delay in approving ETH ETF issuers’ S-1 plans contributed to the bearish sentiment.

On Thursday, Bitwise filed an amended S-1 for its spot Ethereum ETF ahead of the July 8 deadline. Bloomberg ETF analyst Eric Balchunas pointed out that recent SEC comments required minimal updates, indicating a quick turnaround for Bitwise.

However, the filing does not yet contain details on the fees, which are expected to be revealed next week. Bitwise’s proactive filing suggests that they are speeding up the approval process for their Ethereum ETF.

Read also : Altcoins to stake without hesitation as Bitcoin explodes

Additionally, ETF Store President Nate Geraci expressed confidence that spot Ethereum ETFs will begin trading within the next two weeks, primarily around the week of July 15. Geraci also notes that the price of ETH has fallen more than 20% since the unexpected 19b-4 approvals in late May.

If approved, the ETH The price could defy a sluggish market trend/slight selling pressure and rebound 36% to challenge the downtrend line around $3,800. A bullish breakout of the resistance is crucial to signal a renewed recovery for the Ethereum coin.

Technical indicator

• EMA: The 200D EMA at $3,080 and the 100D exponential moving average at $3,330 highlight immediate resistance against buyers.
• RSI: THE relative strength index (RSI) has dipped into the oversold zone below 30%, which could attract bearish investors into the market.

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Frequently Asked Questions (FAQ)

An Ethereum Spot ETF is an exchange-traded fund that directly holds Ethereum (ETH) as its underlying asset.

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements.

An S-1 filing is a registration statement that companies must file with the SEC before going public.

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