As a researcher with a background in cryptocurrency analysis, I find the current Ethereum price action intriguing. The weekend is generally a neutral period for digital assets as they try to stabilize after a recent sell-off. However, the renewed demand for Bitcoin at $55,000 and ETH‘s support at $1815 suggest a potential shift in market sentiment.
As an analyst, I’ve observed that weekends generally don’t hold significant impact on the cryptocurrency market. The digital assets are mostly trying to find their footing after a recent sell-off. The Bitcoin price hovering around $55,000 is helping alleviate some supply pressure for altcoins. Moreover, Ethereum is showing signs of renewed demand with its price at $1815. However, the anticipated Ethereum ETF launch, predicted to occur around mid-July, could lead to a significant reversal in Ethereum’s price trend.
Ethereum Price Analysis Hints $3800 Rally Amid Healthy Pullback and Potential ETF Approval
In late May, the Ethereum price experienced a correction after reaching a peak of $3974. The subsequent creation of a new lower high in the daily chart suggests that buyers have insufficient strength to push prices higher, leading to a shift in the price trend towards a more sideways trajectory.
The shift towards bearish sentiment caused Ether’s value to plummet by nearly 30%, reaching support at the intersection of $1815 and the 23.6% Fibonacci retracement level. This downturn coincided with a broader market correction, as well as the U.S. Securities and Exchange Commission (SEC) holding off on approving ETF applications from Ether issuers, fueling pessimistic views.
As an analyst, I’d rephrase it as follows: I analyzed the recent filing by Bitwise on Thursday, where they made amendments to their spot Ethereum ETF ahead of the July 8th deadline. According to Eric Balchunas, Bloomberg’s ETF expert, the Securities and Exchange Commission (SEC) comments necessitated only minor adjustments. This suggests a swift approval process from the SEC for Bitwise’s spot Ethereum ETF.
The filing from Bitwise does not include information about any fees at present, but these details are anticipated to be disclosed next week. This early submission implies that Bitwise is taking steps to accelerate the review procedure for their Ethereum ETF.
Additionally, Nate Geraci, President of the ETF Store, is optimistic that spot Ethereum ETFs will begin trading within the next fortnight, with a likely date being around July 15th. It’s important to mention that since the surprise 19b-4 approvals in late May, the price of Ethereum has decreased by more than 20%.
Will be *shocked* if spot eth ETFs not trading w/in next 2 weeks…
Later next week a possibility, but think week of July 15th more likely.
Interestingly, price of eth ↓ 20%+ since “surprise” 19b-4 approvals in late May.
— Nate Geraci (@NateGeraci) July 6, 2024
If given the green light, Ethereum’s price may buck the lethargic market conditions or gentle selling wave and surge by approximately 36% to test the descending trendline near $3800. A powerful breakout above the resistance level is essential to indicate a resurgence in Ethereum’s growth trajectory.
Technical Indicator
- EMAs: The 200D EMA at $3080 and 100D Exponential Moving Average at $3330 highlight the immediate resistance against buyers.
- RSI: The Relative Strength Index (RSI) dived to the oversold region below 30% could attract dip investors in the market.
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2024-07-07 14:54