The price of Ethereum could jump significantly despite expectations of a weak start for the ETF
Ethereum (ETH) is struggling to reach its previous cycle highs amid bearish sentiment among some segments of the crypto space.
His performance in the second quarter continued to fuel those sentiments. However, rumors of an impending ETH ETF approval have analysts optimistic about the start of “Ethereum season".
On Wednesday Reuters report и , that sources close to some investment firms expect that Ethereum The ETF could be approved next week. These rumors are consistent with recent comments by Securities and Exchange Commission (SEC) Chairman Gary Gensler regarding the approval process for these investment products.
Speaking earlier this week at the Bloomberg Invest meeting, Gensler mentioned , that the approval process is "going smoothly". These highly anticipated products are expected to be released this summer, possibly as early as July.
READ MORE:
Ethereum ETF Will Raise $15 Billion According to Bitwise DirectorA month ago, the price of ETH rose over 30% pending SEC approval, rising from $3,000 to the $3,900 range. Subsequently, the second largest cryptocurrency retreated to the $3,200 support zone.
However, recent ETF rumors have had a positive impact on Ethereum. Following the news, ETH gained 2.5%, regaining the $3,400 support zone it had lost earlier in the week.
Crypto analyst Jelle believes ETH may be poised for a significant upside move despite expectations of “unconvincing ETF start". According to him, ETH “looks poised for a massive push up' as it tests key levels ahead of the rumored approval.
В анализа on the chart, Jelle noted that the cryptocurrency is testing downtrend support within an accumulation range. If ETH moves back to $4,000, the analyst predicts that it could continue to rise significantly. He suggests that this “nearly three-year breakout” in the expansion zone will usher in “Ethereum season".
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Nineteen out of twenty, Chair Waller again failed to deliver the Fed dot plot “assignment”
Federal Reserve Chairman Waller has twice refused to enter his interest rate forecasts on the dot plot, bluntly stating that the tool is "of no use for policy implementation." The dot plot, which has been in operation since 2011 and is published four times a year to show officials' interest rate expectations, is an important reference for the market to assess the direction of monetary policy. However, its lack of consensus, anonymity, and the participation of non-voting governors have long been criticized. Previous chairs have had varying attitudes toward the tool, but Waller's stance is the toughest.
NEAR Protocol Chain Signatures connect 30+ blockchains, skip bridges
Overnight US Stock Market | Federal Reserve Raises Interest Rates by 25 Basis Points as Expected, All Three Major Indexes Close Lower, SpaceX (SPCX.US) Rises Over 5%
At market close, the Dow Jones Industrial Average fell by 630.56 points, or 1.21%, to 51,462.55 points; the S&P 500 Index dropped 33.51 points, or 0.44%, to 7,552.22 points; and the Nasdaq Composite Index declined 3.15 points, or 0.01%, to 25,978.42 points.
Overseas investors reduced their holdings of U.S. Treasury bonds by $50.4 billion in July; both Japan and China cut holdings, while the UK increased holdings against the trend
Data released by the U.S. Treasury on Wednesday shows that in July, the amount of U.S. Treasury bonds held by overseas investors significantly decreased, dropping by $50.4 billion from June to $9.25 trillion, marking the lowest level since October last year.
Crypto prices
More
