The second-largest cryptocurrency in the world by market capitalization, Ethereum (ETH), is about to have a big price breakout. According to recent comments from cryptocurrency researcher Jelle, ETH is still following the collapsing wedge pattern as expected. Before the next upward surge, he said, there might be a few more days of oscillations below the present local highs. Jelle also mentioned that ETH may reach all-time highs and surpass $4,100 in the upcoming week if there were any possible ETF news.
At the moment of writing, Ethereum is trading at $3,725 after declining by 1.76% over the previous day. Nonetheless, the cryptocurrency has demonstrated remarkable tenacity, with a 21.68% gain in the last 30 days. The latest regulatory developments pertaining to Ethereum spot exchange-traded funds (ETFs) in the United States have further bolstered this optimistic outlook.
Ethereum spot ETFs
The U.S. Securities and Exchange Commission (SEC) made history last week when it authorised applications for Ethereum spot ETFs. This decision might have a big impact on the cryptocurrency industry. According to analysts, these ETFs may be introduced by the end of June after significant announcements from large financial institutions.
The biggest asset manager in the world, BlackRock, revised its Form S-1 with the SEC for the iShares Ethereum Trust (ETHA) on May 29. This information was provided over a week after the regulator granted approval for the ETF’s 19b-4 filing, both of which are required before the ETF may start trading. Both market watchers and experts view this move as a favourable indication.
https://x.com/EricBalchunas/status/1795934675380109479
In a May 29 X article, Bloomberg ETF analyst Eric Balchunas discussed this trend and said it was encouraging. While he clarified that there will probably be another round to refine the SEC comments, Balchunas insisted that the launch at the end of June is still a real possibility. He pointed out that while there is a greater chance of acceptance around July 4, an early approval would be extremely unlikely.
The positive prognosis for ETH has been influenced by the excitement around Ethereum ETFs. Ethereum’s price is predicted to rise significantly as a result of the approval of these ETFs, increasing institutional interest in the cryptocurrency. These predictions are supported by the falling wedge formation, a technical analysis indication that usually denotes a positive reversal.
