- 1 A report by Reuters said that spot Ether ETF will go live by next week
- 2 Analysts anticipate major inflows in the next few months, once the ETF is approved.
The Ethereum (ETH) coin price slid to the $3400 mark and was trading inside a falling wedge pattern. Interestingly, it held the gains and is ready for a pump.
Last month, the Securities and Exchange Commission (SEC) approved the spot ETF for applicants in a filing.
While the US investors still waited for its approval which was anticipated to be launched by next week as per the media reports.
Compared to the spot Bitcoin ETF, Ether price will be more sensitive to ETF inflows than it is because of its total supply locked. Analysts had predicted that post the approval of the ETF would lead to massive inflows.
At press time, the Ethereum price was trading at $3401 with an intraday surge of 0.76%, reflecting neutrality on the chart. It has a monthly return ratio of -12.20% and 80.20% yearly, reflecting short term weakness.
Analysts are bullish and suggest that ETH will see a re-rating after the ETF’s approval and could approach the $4000 mark in the upcoming weeks.
A user on X suggested that ETH season will start by next week which will be marked by a massive pump in ETH price.
Nearly 3 years in the making, it's time for ETH season again.
— Oliver Isaacs (@oliverzok) June 27, 2024
The SEC could approve Ethereum ( $ETH ) ETF as soon as July 4, per Reuters. Most entertaining outcome is BTC ETF outflows into ETH ETF inflows.
Ethereum CME futures OI is rising just like it happened with BTC… pic.twitter.com/cAGnCry1lq
Source: X
1/ Ethereum ETPs will attract $15 billion in net flows in their first 18 months on the market.
— Matt Hougan (@Matt_Hougan) June 26, 2024
A thread on how I get to this estimate.
Source: X
Is Ethereum (ETH) Set For a Rebound: Price Action Outlook
Per the technical analysis, ETH price cooled off at around the $3400 mark and is waiting for the upcoming spot ETF approval, post that, a massive pump in the price is likely.
Source: TradingView
Nonetheless, Ethereum regressed to its 100 day EMA mark and decisively held the zone. Moreover, it has completed its retracement cycle and might deliver a sharp rebound shortly.
Notably, $3550 followed by $3620 which might act as strong resistance levels. Conversely, if any slippage happens, ETH might get support around $3220, followed by $3160.
@CryptoFaibik tweeted that ETH might skyrocket next month.
$ETH #Ethereum Looks extremely bullish for July.. pic.twitter.com/tX5RE0mszS
— Captain Faibik (@CryptoFaibik) June 27, 2024
Source: X
Ethereum (ETH) Witnessed Rise in Social Metrics
Following the upcoming spot ETF approval, a spike in the social dominance value by over 19% this week was noticed.
Source: Santiment
Meanwhile, the development activity data looks relatively flat and stayed around the midline region, noted at the 288 mark.
ETH Witnessed Consistent Surge in Total Value Locked (TVL)
Source: DefiLlama
Per the data, the TVL rose consistently and reached the $62 Billion mark, displaying a surge in follow-on demand.
Significant Long Additions in Futures Data
Source: Coinglass
The open interest data is up over 2.22% to $15.22 Billion, displaying long additions in the last 24 hours. Interestingly, massive call writing activity was witnessed, indicating that ETH might be ready for a pump.
The immediate support levels for Ethereum are $3230 and $3160, whereas the key upside hurdle is around $3480, followed by $3670.
The Ethereum coin price stayed around the 100 day EMA mark and traded inside a falling wedge pattern. Notably, lower low swings were noted in the last few sessions.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
