As a seasoned researcher with extensive experience in the cryptocurrency market, I have witnessed the volatile nature of Bitcoin and Ethereum prices over the years. The recent surge in both coins has been particularly noteworthy, with Ethereum showing remarkable strength as it approaches its all-time high.
The cryptocurrency market is set to conclude its third week in July with a positive momentum. Bitcoin hit an all-time high of $67,466 on Friday, representing a robust 15% growth during the week. Similarly, Ethereum experienced a weekly increase of 13.7%, reaching a peak price of $3,540. In the coming days, Ethereum is expected to draw significant interest from investors as five Ethereum-backed exchange-traded funds (ETFs) are scheduled to debut on the Chicago Board Options Exchange on July 23.
Ethereum Price Poised for a Breakout with Upcoming ETFs Launch
In the last two weeks, Ethereum, the second-largest cryptocurrency by market capitalization, displayed an impressive rebound. This bullish trend lifted its price from $2811 to a high of $3481, representing a robust gain of 23.8%. Consequently, Ethereum’s market cap swelled to an astounding $419.2 billion.
The price surge surpassing the daily moving averages (MAs) of 20, 50, 100, and 200 indicates a favorable change in market perception. Furthermore, the 4-hour chart depicts a robust V-shaped recovery, as evidenced by the inverted head and shoulders formation.
As a researcher studying market trends, I’ve identified a bullish reversal chart pattern that suggests a bottom formation. This means that the price has been declining but is now showing signs of potentially reversing direction and starting a new uptrend. For traders, this could present an opportunity to enter the market at what might be a good entry point for potential gains.
As an on-chain analyst, I’ve observed a notable reduction in Ethereum (ETH) exchange reserves following its transition to Proof-of-Stake (PoS). Since the implementation of PoS, Ethereum holders have shown a preference for staking their ETH instead of keeping it on exchanges. Consequently, this trend has resulted in decreased exchange liquidity for Ethereum.
#Ethereum ticking bomb
The amount of Ethereum held on exchanges has decreased noticeably since the transition to Proof-of-Stake (PoS) and the subsequent approval of an Ethereum Exchange-Traded Fund (ETF).
How much more will the ETF impact the reserves? #Crypto #Blockchain #ETHNews…
— EL CRYPTO TAVO (@elcryptotavo) July 18, 2024
The endorsement of the Ethereum ETF has fueled this phenomenon even more, offering a fresh investment option for both institutional and individual investors. Consequently, the scarcity value of Ethereum is projected to boost its price due to increasing supply shortages.
As a seasoned financial analyst with over a decade of experience in the industry, I’m thrilled to share some exciting news. The Chicago Board Options Exchange (Cboe) has recently made an official announcement that five Ethereum spot Exchange-Traded Funds (ETFs), managed by reputable firms such as VanEck, Invesco, Fidelity, 21Shares, and Franklin Templeton, are all set to begin trading on July 23. This is a significant development for the crypto community, and I believe it’s a testament to Ethereum’s growing maturity as an asset class.
As a researcher studying the Ethereum market, I’ve identified a significant indication that the Ethereum price may surpass its current resistance level at $3550, potentially triggering a 9% increase before encountering the resistance lines of the Flag pattern.
Over the past four months, the Ether coin has been following a particular pattern in its consolidation phase. This pattern is characterized by two trendlines that run parallel to each other, functioning as both major resistance and support levels. As a result, buyers can regain their footing after an exhaustion of the bullish momentum.
With a Relative Strength Index (RSI) of 59% for Ethereum, there’s a favorable outlook on its future price movement and a possibility of witnessing a strong upward trend.
If the price breaks through the flag resistance, it could be a strong indication that the uptrend is set to continue. This development may encourage more investors to buy in pursuit of reaching the $5500 mark.
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2024-07-20 16:16