Ethereum (ETH) is Prepare for higher prices As the new week begins, Ethereum is currently trading at $3,195, up 1.83% in the past 24 hours. Although Ethereum’s gains are part of a broader market rally following a recovery, the altcoin He is in the best position. Prices are expected to rise significantly in the coming weeks.
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Fundamentals point to an extended price rally in the face of the imminent launch of spot ETFs. Additionally, technical indicators point to a bullish outlook for Ethereum as it approaches a crucial resistance level around $3,250.
Ethereum Enjoys Bullish Sentiment
Ethereum is now looking to break above $3,200 after trading below $3,100 for most of the week. Despite Ethereum breaking above $3,000 again last week, Bitcoin has been stuck between $3,000 and $3,100 in what appears to be a slowdown in bullish sentiment.
However, on-chain analysis and fundamentals suggest that Ether is still enjoying bullish sentiment among investors. The majority of investors are waiting for a signal before jumping into the asset.
For starters, there’s a growing sense that spot Ethereum ETFs could be on the horizon. VanEck and other potential issuers amended their filings earlier this week in hopes of securing final approval from the SEC. That could be a big game changer for the crypto market in 2024 if spot Ethereum ETFs start trading.
According to Thomas Perfumo, Kraken’s chief strategy officer, spot ETFs could open the door to an additional $1 billion inflow into Ethereum per month. This new influx of demand and funds could push Ethereum past its all-time high of $4,900 and into new price zones above $5,000.
According to multiple reports, things are going well. take a better turn The odds of these spot ETFs being approved have increased, and the odds of them being approved by the SEC have also increased significantly. As Bloomberg’s chief ETF analyst Eric Balchunas points out, everything is already in place for ETF approval, and it’s unclear why the SEC is taking so long. This has further fueled Ethereum’s bullish case for the rest of the month.
Yeah, all is quiet on the Western Front right now as far as ETFs are concerned. Nothing from the SEC this week. Not clear why they’re taking so long. Every issuer is ready. Documents are ready. It’s like a rain delay in baseball. We’ll just have to wait. Things might move quickly next week. We’ll see… https://t.co/o1ZSdIf1nE
— Eric Balchunas (@EricBalchunas) July 12, 2024
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Indicators look bullish
On the technical side of things, technical indicators also support the bullish outlook. According to the daily candlestick chart, Ethereum is on track to close its third consecutive bullish daily candle for the first time since June 16. The cryptocurrency is also trying to break the 100 Simple Moving Average. A break of the 100 Simple Moving Average coupled with a bullish daily close could boost the bullish momentum as we head into a new week.
Featured image from Reddit, chart from TradingView
