The post ETH/BTC Pair Eyes Major Breakout With Ethereum ETF on Horizon, What’s Next? appeared on BitcoinEthereumNews.com.

Alongside Bitcoin, Ethereum has faced selling pressure, falling below $3,400. Despite a 3.5% weekly drop compared to Bitcoin’s 5.8% decline, ETH has been holding up relatively well against BTC. Technical charts indicate that the ETH/BTC pair is on the brink of a major breakout, coinciding with the upcoming launch of the spot Ethereum ETF next week. ETH Price to Rally with Spot Ethereum ETF Approval? Crypto market analyst Ali Martinez showed that ETH/BTC is finally moving above the 365 simple moving average. This development shows an early sign of the impending altcoins season going ahead. $ETH / $BTC is finally moving above the 365 simple moving average, showing early — very early — signs of an impeding #altseason! pic.twitter.com/HSP1Dm5bjm — Ali (@ali_charts) June 28, 2024 Crypto analyst Michael van de Poppe also shared a similar view stating that the bull market has already begun and would gain significant momentum if the Ethereum price breaks through the 0.06 BTC level. On breaking these key levels, Poppe expects a significant influx of capital into the Ethereum ecosystem. The launch of the spot Ethereum ETF next week in the US could prove to be a major catalyst in this direction. Also Read: PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds Poppe added that the Ethereum ETF remains the most undervalued and underhyped event of the year. He added that, unlike the Bitcoin ETF, there is not the same excitement with the Ethereum ETF approval. “The Ethereum ETF is basically everything in reversal. Zero expectations, zero hype, and if there is any expectation” wrote Poppe. Poppe stated that although the Ether ETF is likely to attract fewer inflows in comparison to the Bitcoin ETF, it can have a significantly greater impact “as the stock-to-flow of Ethereum is less than that of Bitcoin…

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Filed under: News - @ June 29, 2024 3:14 pm