Ethereum Bulls Gear Up For Recovery – Can Spot ETFs Push Price To New Highs?
14 Julio 2024 - 8:00AM
NEWSBTC
Ethereum (ETH) is gearing up for a price uptick as we begin a new
week. Ethereum is currently trading at $3,195 and is up by 1.83% in
the past 24 hours. Although Ethereum’s gains are part of a wider
market rally after a rebound, the altcoin is in the best position
to surge the most in the coming weeks. Related Reading: Bullish
Bitcoin Indicator Which Led To A Reversal Has Returned, Is $70,000
Possible? Fundamentals point to an extended price surge in the face
of a looming launch of Spot ETFs. Additionally, technical
indications are pointing to a bullish outlook for Ethereum as it
approaches a crucial resistance level around $3,250. Ethereum
Basking In Bullish Sentiment Ethereum is now looking to break above
$3,200 after trading for the majority of the week below $3,100.
Although Ethereum broke above $3,000 again last week, the king of
altcoins largely consolidated between $3,000 and $3,100 in what
looked like a slowdown of bullish sentiment. However, on-chain
analytics and fundamentals point to Ether still basking in bullish
sentiment among investors. Majority of investors are waiting for a
signal before jumping on the asset. For starters, there’s a
growing sense that Ethereum Spot ETFs could be on the horizon.
VanEck and other potential issuers amended their filings earlier in
the week in hopes of receiving the SEC’s final permission. It could
be a game changer for the crypto market in 2024 if Spot Ethereum
ETFs start trading. According to Thomas Perfumo, Head of Strategy
at Kraken, the Spot ETFs could open up an additional $1 billion
inflow into Ethereum monthly. This new inflow of demand and money
could see Ethereum push past its current all-time high of $4,900
into new price territories above $5,000. According to multiple
reports, things are taking a better turn for the approval of these
Spot ETFs, and the potential for approval by the SEC has jumped
massively. As noted by Eric Balchunas, senior ETF analyst at
Bloomberg, everything is already in place for the approval of the
ETFs, and it is unclear why the SEC is taking so long. This has led
to an increase in a bullish case for Ethereum for the rest of the
month. Yeah, rn it’s all quiet on the Western Front re eth
ETFs. Nada from SEC this week. Unclear why they taking such sweet
ass time. Every issuer is ready. Docs are ready. It’s like a rain
delay in baseball. Gotta just wait. Maybe things will move fast
next week. We’ll see… https://t.co/o1ZSdIf1nE — Eric Balchunas
(@EricBalchunas) July 12, 2024 Related Reading: Bitcoin Whales
Accumulate 71,000 BTC Amidst Price Dip – Details Indicators Looking
Bullish On the technical side of things, technical indicators also
support a bullish outlook. According to the daily candlestick
chart, Ethereum is on its way to closing its third consecutive
bullish daily candle for the first time since June 16. The crypto
is also attempting a break above the 100 SMA. A break above the 100
SMA in correlation with a bullish daily close could solidify the
bullish momentum as we head into a new week. Featured image
from Reddit, chart from TradingView
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