Will ETH Outperform BTC as ETF Launch Nears in July?
The post Will ETH Outperform BTC as ETF Launch Nears in July? appeared on BitcoinEthereumNews.com.
The weekends are mostly neutral for the cryptocurrency market as the digital assets are trying to stabilize after a recent sell-off. The Bitcoin price seeking support at $55000 has eased the supply pressure for altcoin as ETH price also shows renewed demand at $1815. However, with several analysts anticipating the Ethereum ETF launch around mid-July, there is potential for a major reversal in ETH’s price. Also Read: Justin Sun Faces $66M Loss As Ethereum Records 10% Fall, Here’s Why Ethereum Price Analysis Hints $3800 Rally Amid Healthy Pullback and Potential ETF Approval Ethereum Price Analysis| Tradingview The current correction in Ethereum price was initiated in late May as the price reverted from $3974. This fresh lower-high formation of the daily chart indicates the buyers lack sufficient momentum to chase new highs, thus shifting the price trajectory sideways. The bearish turnaround tumbled the Ether value by nearly 30% to seek support at the confluence of $1815 and 23.6% Fibonacci retracement level. Along with broader market correction, the U.S. SEC’s delay in approving ETH ETF issuers’ S-1 drafts has contributed to bearish sentiment. On Thursday, Bitwise filed an amended S-1 for its spot Ethereum ETF ahead of the July 8th deadline. Bloomberg’s ETF analyst Eric Balchunas highlighted that the SEC’s recent comments required minimal updates, indicating a quick turnaround for Bitwise. However, the filing has no fee details yet, which are expected to be revealed next week. Bitwise’s proactive filing suggests they are expediting the approval process for their Ethereum ETF. Also Read: Altcoins To Stake Without Hesitation As Bitcoin Goes Burst Moreover, the President of the ETF Store Nate Geraci, has expressed confidence that spot Ethereum ETFs will start trading within the next two weeks, mostly around the week of July 15th. Geraci also notes that the ETH price has dropped…
Filed under: News - @ July 7, 2024 9:06 pm