As a seasoned crypto investor with a keen eye for market trends and fundamental analysis, I’m excited about the recent developments surrounding Ethereum (ETH). The price action over the past week has been bullish, with Ethereum gaining 1.6% in the last seven days and an impressive 3.4% increase within the last 24 hours. This renewed interest can be attributed to the U.S. Securities and Exchange Commission (SEC) dropping its investigation into Ethereum, which has been a major concern for many investors.
As a researcher studying the cryptocurrency market, I’ve observed that Ethereum experienced a significant surge in value over the past week, with a notable 3.4% price jump in just the previous 24 hours. This renewed interest in Ethereum can be attributed to the U.S. Securities and Exchange Commission (SEC) deciding to drop their ongoing investigation into the asset. During European business hours, Ethereum hovered around $3,562, while Bitcoin displayed some signs of instability by closing below a crucial support level.
Bullish Momentum Hints at a 19% Ethereum Price Breakout
As a researcher studying the Ethereum market trends, I’ve noticed that its price had been moving within a descending channel until June 14th. However, something interesting happened when the price broke free from this trend and touched the upper boundary of the channel. Four days later, Ethereum revisited this resistance level but bounced back instead of continuing to decline. Furthermore, I’ve observed that the cryptocurrency has found support at approximately $3,400 twice, creating a double bottom pattern. Based on these observations, it seems plausible that Ethereum could experience an uptrend and potentially reach the price level of $3,974 once more.
The Ethereum price is currently following a pattern where its value hovers around the 50-day and 200-day simple moving averages (SMAs), which are lying just beneath it. If the price manages to surpass these crucial markers, it could be an indication of an impending bullish surge for Ethereum. Additionally, the relative strength index (RSI) for Ethereum is presently at a level of 55. This signifies that there is still some potential for the ETH price to ascend further before reaching the overbought zone.
In the interim, Bitcoin dipped beneath a significant resistance point on its daily chart. Previously, $66,000 had functioned as a strong support for the cryptocurrency, having been tested on three occasions and successfully holding. At present, Bitcoin’s price movement is situated below the 50-day moving average but above the 200-day moving average. A key area of future support can be found around $56,500, which aligns with the latter indicator.
Ethereum Price Outlook: Is ETH ETF Closer Than We Thought?
Recent events in the Ethereum world have caused ripples of excitement and apprehension following potential approvals of ETH exchange-traded funds (ETFs). Previously, forms similar to the 19-4b that received approval were met with varied reactions from the community due to their susceptibility to challenges.
After Blackrock filed their S-1 forms, the Ethereum ETF applicants are currently addressing the “reasonable” comments raised by the SEC before the deadline on Friday, as reported by Eric Balchunas, a Bloomberg senior ETF analyst.
New announcement: The launch date for the Ether spot ETF has been brought forward to July 2nd. We have received feedback from the staff on the S-1 filings today, which were generally favorable and required minimal adjustments. These changes are expected to be addressed within a week, increasing the likelihood that the SEC will declare the filings effective soon after.
— Eric Balchunas (@EricBalchunas) June 14, 2024
Balchunas announced a shift in the predicted launch date for his Ethereum ETF to July 2. Simultaneously, the SEC declared they were ending their probes into Ethereum. Consensys disclosed on Tuesday that the regulatory body had “concluded its investigation” regarding the digital currency.
ETHEREUM SURVIVES THE SEC.
We’re thrilled to share some excellent news with the Ethereum development community, technology providers, and industry members: the Securities and Exchange Commission (SEC) Enforcement Division has informed us that they are concluding their investigation into Ethereum 2.0.
This means that the SEC…
— Consensys (@Consensys) June 19, 2024
This growth increases the anticipation of an upcoming ETF approval, since the SEC typically does not allow public trading of a company under its scrutiny.
Bottom Line
As an analyst, I’ve been closely monitoring the Ethereum market, and recent developments suggest that we could be on the brink of a significant price rally. Not long ago, SEC Chair Gary Gensler dropped hints about potential ETH Exchange-Traded Fund (ETF) approval. Following this announcement, the Securities and Exchange Commission (SEC) unexpectedly concluded all ongoing investigations into Ethereum. With these regulatory hurdles seemingly out of the way, Ethereum’s summer could be filled with eventful price action, starting as early as July.
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2024-06-19 08:56