Ethereum (ETH) is we are preparing for price increases as we start a modern week. Ethereum is currently trading at $3,195 and is up 1.83% in the last 24 hours. While Ethereum’s gains are part of a broader market rally following a bounce, the altcoin is in the best position will escalate the most in the coming weeks.
Fundamentals point to an extended price rally ahead of the upcoming Spot ETF launch. Additionally, technical indications point to a bullish outlook for Ethereum as it approaches a key resistance level around $3,250.
Ethereum basks in bullish sentiment
Ethereum is currently trying to break above $3,200 after trading below $3,100 for most of the week. Although Ethereum broke above $3,000 again last week, the king of altcoins has largely consolidated between $3,000 and $3,100, which looked to be a slowdown in bullish sentiment.
However, on-chain analytics and fundamentals indicate that Ether is still bullish among investors. Most investors are waiting for a signal before rushing into the asset.
For starters, there’s a growing sense that an Ethereum Spot ETF could be on the horizon. VanEck and other potential issuers amended their filings earlier this week, hoping to receive final SEC approval. It could be a game-changer for the cryptocurrency market in 2024 if Spot Ethereum ETFs start trading.
According to Thomas Perfumo, head of strategy at Kraken, Spot ETFs could open up an additional $1 billion in inflows to Ethereum per month. This modern influx of demand and money could push Ethereum past its current all-time high of $4,900 and into modern price territories above $5,000.
According to many reports, the situation is as follows, turning in a better direction for approving these Spot ETFs, and the potential for SEC approval has increased dramatically. As noted by Eric Balchunas, Senior ETF Analyst at Bloomberg, everything is now in place for the ETFs to be approved, and it is unclear why the SEC is taking so long. This has led to a bullish case for Ethereum for the rest of the month.
Yes, it’s tranquil on the Western Front right now regarding ETFs. Nothing from the SEC this week. No idea why they’re taking so long. Every issuer is ready. The documents are ready. It’s like a rain delay in baseball. We just have to wait. Maybe next week things will move quickly. We’ll see… https://t.co/o1ZSdIf1nE
— Eric Balchunas (@EricBalchunas) July 12, 2024
The indicators look bullish
On the technical side, technical indicators also support the bullish outlook. According to the daily candlestick chart, Ethereum is on track to close its third consecutive bullish daily candle for the first time since June 16. The cryptocurrency is also attempting to break above the 100 SMA. A break above the 100 SMA in correlation with a bullish daily close could solidify the bullish momentum as we enter the modern week.
Featured image from Reddit, Chart from TradingView
