- 1 Analysts predict a bullish run, with the price currently at $3512.
- 2 Ethereum’s open interest is $6.38B, with a 1.63% rise, per CoinGlass.
On May 23, the SEC approved 19b-4 filings from eight applicants, granting initial regulatory approval for spot Ether ETFs in the U.S. Nevertheless, trading can only begin once the S-1 registration statement is approved.
In the meantime, the head of the SEC in the United States has suggested that spot Ether ETFs could receive final authorization for trading by the end of September.
Gary Gensler says Ethereum Spot ETFs likely to receive approval by "Some time" at the of summer at Congressional Hearing ☝️#Ethereum #ETF $ETH pic.twitter.com/lAJ0ZdtPGY
— MartyParty (@martypartymusic) June 13, 2024
Ethereum’s open interest is $6.38 Billion. As per Coinglass, another crypto analysis website, it rose by 1.63% in the previous session. The long versus short ratio for 24 hours is 0.9814. The short liquidation is $7.34 Million versus $14.69 Million for the long liquidation.
Ethereum Price Prediction Based on Technical Analysis
An analyst, Yoddha, optimistically states that Ethereum is one of the most bullish altcoins and has already traded above the previous year’s high. He also highlighted the drawing where he presented that in the last time cycle when the previous high was breached during 2020, the price boomed and formed a new peak. So, by the shared drawing, the analyst highlighted a possible bullish run.
#Ethereum is one of the most bullish Altcoins right now. It's already trading above the previous yearly high. pic.twitter.com/UrViL9dY1V
— Yoddha (@CryptoYoddha) June 13, 2024
Similarly, based on the analyst tweet, the ETH coin daily chart shows that it has remained above the 50-day and 200-day EMAs, portraying bullish strength in the long term. The past price structure shows that ETH has been trying to form a pullback for a more significant rally after breaking out of the wedge. The buyers are showing support buildup at the $3500 support level.
At press time, the price has traded at $3512 with an intraday surge of +1.28%, with a market capitalization of $421.72 Billion. The volume-to-market cap ratio currently stands at 3.32%, signifying low liquidity, and the market needs more liquidity for a higher ascent.
Likewise, despite the fall, the MACD portrays that the price is still bullish territory, above the zero line at 21.5, in a safer zone until it’s above the 200-day EMA. The RSI flashed at 45.54, signifying low strength in the momentum, as it has been trying to sustain around 50 median lines. Based on technical tools, the Ethereum crypto could become the winning steam by forming a bullish cross and rsi moving above(DYOR). It could continue to climb higher in future sessions.
Ethereum Price Forecast!
For ETH to form a pullback situation and rise, the next goal could be to reach the above levels, such as $3720 and $3900.
On the contrary, if the price plunges and trades below the 50-day EMA, the pullback situation would fail, ETH would lose its bullish significance, and the price would seek lower support in search of a perfect spot to form a pullback.
Likewise, in this scenario, if the Ethereum crypto price fails to stay above the $3260 level, it could also decline further to $3060.
Summary
The SEC granted preliminary approval for spot Ether ETFs in the U.S., with trading pending S-1 approval. The chairman hints final approval may come before September. Ethereum’s open interest is $6.38B, with a 1.63% rise per Coinglass.
Analysts predict a bullish run, with the price currently at $3512. MACD indicates bullish territory, with RSI at 45.54. The price forecast targets $3720 and $3900, with potential support levels at $3260 and $3060 if the price falls below the 50-day EMA.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
