Ethereum price faces resistance and stalls at around the $3,500 mark on Thursday, while on-chain data indicates a rise in the cumulative amount of ETH staked, coupled with increased anticipation of the upcoming ten U.S. spot Ethereum ETF launch. Solana price is down 1.8% to $159.68 as market attention shifts to the Ethereum ecosystem.

Ethereum Price is Headed Above $4,000, But Not Before This Happens 

Ethereum price chart

ETH price made a nice recovery in a double-bottom trend reversal pattern following the recent market-wide crash. The asset now seems to have formed an inverted head-and-shoulders pattern that may result in the price surging above $4,400 in a 27% move from its current price.

The Ethereum price action is well above the 50-day and 200-day simple moving averages (SMA), confirming the trend is still to the upside. However, ETH price must first be corrected to form the right shoulder. A break below $3,250 may invalidate this pattern, resulting in further downside.

Market sentiment for Ethereum price remains bullish, with on-chain data from IntotheBlock showing the amount of ETH staked at an all-time high of 47.27 million as of July 4. It indicates users trust the network and are willing to put their money on the line for it.

The ETH relative strength index (RSI) briefly grazed the overbought zone at 70.06 before retracing down to 63.42. The RSI is rising and is also above its moving average (MA), which signals that bullish momentum for ETH price is building.

Solana price chart

Meanwhile, the Solana price prediction indicates the asset may rise to $186 if the current retest completes favorably. SOL price has formed a double bottom on the daily timeframe and broke out of it on July 15.  

The RSI, CMF and MACD are all presenting bullish signals for Solana price. The CMF is at 0.14 and rising, the RSI is at 59 and rising, and the MACD just crossed above the zero level, heading up.

The quick approval of spot Ethereum ETF within two months has resulted in a surge in speculation among market participants about how easily SOL, XRP, and other crypto assets could get an ETF.

Anticipation Builds as ETF Issuers Submit Final S-1 Drafts 

Spot Ethereum ETF issuers filed their final S-1 drafts with the Securities & Exchange Commission (SEC) on Wednesday, awaiting launch on July 23. 

Out of the 10 ETF issuers, seven have offered fee waivers. The three include Grayscale, Invesco, and ProShares. Among the issuers, Grayscale charges the highest fee, coming at 2.5%, while the cheapest is Franklin Templeton at 0.19%. Grayscale submitted their S-1 draft late yesterday, meeting the requirement to file the documents before the end of Wednesday.

Bottom Line

Ethereum price prediction shows bullish momentum, targeting the $4,400 level as anticipation builds for the launch of 10 new ETH ETFs next week. The imminent ETF launch may create heightened volatility in the Ethereum price, resulting in a 25% price uptick in the short term.

The post ETH/SOL Price Forecast: Ethereum Price Eyes $4400 As 10 ETFs Launch Next Week appeared first on CoinGape.

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Filed under: News - @ July 18, 2024 11:23 am